Through their creativity and tenacity, small business owners inspire their community.
Tune in as I take the stage in New Hampshire to discuss how we’re fighting every day for America’s small business owners and entrepreneurs. https://t.co/m63gUFvouR
— Kamala Harris (@KamalaHarris) September 4, 2024
Vice President Kamala Harris made a surprise campaign stop in New Hampshire on Wednesday to announce a new policy proposal. She laid out an “ambitious” plan to get millions of small businesses started. Harris, who noted there are only 62 days until the November 5th general election, emphasized the need for making entrepreneurship accessible for more Americans.
“Now, I’m setting what I think some are going to call a very ambitious goal. But, you know what? I think we should admire ambition in each other,” she said during the announcement.
I could think of at least half a dozen more appropriate and newsy headlines for this important story, but hi – it’s Harris and we don’t want to spoil her campaign.. https://t.co/HXZbegmQlE
— Uri Blau (@uri_blau) September 5, 2024
“So I want to see 25 million new small businesses applications by the end of my first term.”
Glad to see this sensible re-tuning of Harris's tax policy. It makes sense to raise more revenue in a progressive manner but raising the capital gains rate into the 40s gets little incremental revenue (because people delay selling) relative to the costs. https://t.co/ibvbHmQhtt
— Jason Furman (@jasonfurman) September 4, 2024
Harris aims to lower the cost of starting a new enterprise.
(WSJ) – Vice President Kamala Harris will propose a tenfold-expansion of a tax deduction for new small businesses and announce a goal of 25 million new small-business applications in her first term if elected president, according to campaign officials.https://t.co/IwLPeke3GF
— Carl Quintanilla (@carlquintanilla) September 4, 2024
According to her, it currently costs around $40,000 to get the average small business off the ground, offset by only a $5,000 tax deduction. “That is a great financial barrier for a lot of folks, and it can hold entrepreneurs back,” she added.
Small business support priority
“Not everyone has access to that kind of wealth.”
Her plan proposes to increase the tax deduction for startups tenfold, to $50,000. “It’s essentially a tax cut for starting a small business,” Harris said.
She also emphasized that the plan would provide “low and no interest loans” to small businesses looking to expand and would cut the red tape associated with starting and growing a small business. “We will make it cheaper and easier for small businesses to file their taxes, similar to how individuals can take a standard deduction,” she noted, aiming to reduce bureaucracy and make the process more straightforward. Harris asserted that this change would open up opportunities for a diverse pool of American talent currently sidelined by financial constraints.
“It’s not that they don’t have the skills, it’s not that they don’t have the work ethic, it’s access to these resources,” she stated. However, Harris’ plan will require the support of Congress to make changes to the tax code. Former President Donald Trump’s campaign quickly criticized Harris’ announcement, suggesting New Hampshire voters should not be swayed by her focus on the small business community.
“If Kamala wanted to help small businesses, why hasn’t she done it during her four years as vice president?” questioned Trump’s team in a statement, further blaming her policies for contributing to historic inflation and high energy costs impacting small businesses. As the countdown to the election continues, Harris’ proposal aims to place small business support at the forefront of her campaign.
- BostonHerald.”Kamala Harris hits New Hampshire to unveil ‘ambitious’ small business plan”.
- CNN.”Harris explains plan to lower the cost of starting new businesses”.
- CNBC.”Here’s what Harris’ plan to tax unrealized investment gains means for the wealthiest Americans”.