Kamala Harris Proposes $50,000 Tax Deduction for Small Businesses
Summary from the AllSides News Team
At a rally in New Hampshire, Vice President Kamala Harris unveiled her plan to raise the current $5,000 allowable tax deduction for start-up business expenses to $50,000.
The Details: The expanded tax deduction is one component of Harris' "opportunity economy" plan. Harris would also reportedly allow small businesses to wait until they produce a profit to claim the deduction, which will potentially reduce their taxes.
For Context: According to the Daily Mail (Right bias), "It costs an estimated $30,000 to $40,000 for startup and first year costs to start a small business in the United States." Harris has also set a goal of 25 million new business applications in her first term, surpassing the 19 million record under the Biden administration.
How the Media Covered It: While many outlets had similar coverage, some on the right highlighted the cost of the proposal. The New York Post (Lean Right bias) published a report that estimated the expanded tax deduction would cost taxpayers $20 billion over the next decade.
Featured Coverage of this Story
From the Center
Harris to propose $50K tax deduction for small businesses in New Hampshire speech
Vice President Kamala Harris is expected to unveil the next component of her economic policy plan — including a $50,000 tax deduction for startup expenses — Wednesday during a speech in New Hampshire, NewsNation has learned.
Harris, the Democratic nominee for president, intends to announce her proposal aimed at boosting small business and the needs faced by American entrepreneurs, a Harris campaign official said, speaking on the condition of anonymity.
Under her plan, Harris would expand the small business tax deduction from $5,000 to $50,000, ten times the current relief.
From the Left
Kamala Harris to unveil $50,000 tax deduction for new small businesses
United States Vice President Kamala Harris is set to unveil a tax deduction of up to $50,000 for new small businesses as the Democratic nominee seeks to burnish her economic credentials in the close race for the White House.
Harris is due to unveil the plan on Wednesday in New Hampshire, where she will announce a goal of 25 million new small business applications during her first four years in office if elected in November.
From the Right
Kamala Harris proposes huge tax deduction for more than 25 million small businesses
Vice President Kamala Harris is set to unveil a proposal to massively expand tax relief for small businesses as she continues to lay out her economic policy platform with just over 60 days to go before the election.
The Democratic presidential nominee will travel to North Hampton, New Hampshire, on Wednesday where she will announce a new goal for a record 25 million new business applications during her first term if elected.
The proposal includes expanding the startup expense deduction for small businesses by tenfold from $5,000 to $50,000.
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