Vice President Kamala Harris unveiled new tax proposals for small businesses Tuesday, which she is expected to announce publicly during her stump speech in New Hampshire on Wednesday. The proposal seeks to increase the federal government's small business tax deduction by tenfold, from $5,000 to $50,000, which the campaign indicated will help reduce the roughly $40,000 cost burden related to starting a new business.
Other components of the proposal include incentivizing state and local governments to minimize the red tape associated with their business regulations,and reducing barriers to obtaining occupational licenses. Harris, meanwhile, pledged to launch a small business expansion fund to help loan providers focused on low-income areas to cover interest costs for small businesses seeking to relocate, or create jobs, in particular regions that have historically received less investment.
statement from the Trump campaign on Sunday, meanwhile, told voters that if they want more money in their pockets, 'the only option is to vote for President Trump.'