Kamala Harris will this week propose drastically expanding tax relief for Americans starting small businesses from $5,000 to $50,000, in the Democratic presidential candidate’s latest effort to sketch out her economic policy plans with two months to go until November’s election.
A Harris campaign official said the vice-president would detail her plans for a tenfold expansion in small business tax deductions for start-up expenses in a speech in New Hampshire on Wednesday. Harris will visit the New England state before a separate campaign stop in Pittsburgh, Pennsylvania, later this week as she gears up for next week’s make-or-break debate against her Republican rival, Donald Trump.
The campaign official said Harris would also set a goal of 25mn new small business applications in her first term as president, compared to 19mn small businesses that have been started under Joe Biden’s watch. The official said the vice-president would also vow to introduce new measures to cut red tape for small business owners by making it easier for them to file taxes and easing requirements for occupational licenses.