Harris to propose tenfold startup tax incentive increase she says will spur small business creation

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Elections News

Joe Biden,Kamala Harris,2024 United States Presidential Election

Vice President Kamala Harris is about to propose a tenfold increase in federal tax incentives for small business startup expenses, from $5,000 to $50,000, hoping it will help spur a record 25 million new small business applications over her four-year term should she win the presidency in November.

Democratic presidential nominee Vice President Kamala Harris campaigns with President Joe Biden at the IBEW Local Union #5 union hall in Pittsburgh on Labor Day, Monday, Sept. 2, 2024.

She’s also frequently visited Arizona, Nevada and Georgia, all of which Biden narrowly won in 2020, and North Carolina, which last voted Democratic in a presidential race in 2008 but which she’s still hoping to flip from Trump. Biden won New Hampshire by 7 percentage points in 2020, though Trump came far closer to winning it against Hillary Clinton in 2016.

Applications to start a business don't always translate to small businesses actually being formed. Still, Harris' plan could keep new small businesses that do come to fruition from otherwise incurring more debt which, at a time of high interest rates, might help them better succeed.

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