Harris Proposes Small Business Tax Breaks

During a campaign event in New Hampshire, Vice President Kamala Harris unveiled a proposal to increase the tax deduction for small business startup costs from $5,000 to $50,000, aiming to foster an 'opportunity economy' and attract 25 million new small business applications in her potential first term. This plan, which experts estimate could add approximately $20 billion to the deficit over the next decade, has received criticism from the Trump campaign, which argues it will increase national debt. Harris contrasted her proposals with Trump's tax cuts for the wealthy and highlighted the Biden administration's achievements in small business lending. Additionally, she proposed setting a lower capital gains tax rate of 28% for high earners, diverging from Biden's higher proposed rate. This initiative aligns with her broader economic vision to support entrepreneurship and strengthen the middle class, particularly in light of the financial barriers faced by aspiring business owners. Recent polls indicate Harris holds a slight lead over Trump in New Hampshire as the election approaches.