Vice President Kamala Harris, the Democratic presidential nominee, is set to propose policies she hopes will help create small businesses across the United States, according to a campaign official.
First, she wants to expand the small business tax credit tenfold — from $5,000 to $50,000 — to help start-ups cover the average $40,000 it costs to start a business. She also sets a goal of receiving 25 million new small business filings in her first term, up from the record 19 million filed during the Biden-Harris administration.
Details of the plan to benefit small businesses are expected to be unveiled in a speech by Harris in New Hampshire on Wednesday.
With the proposals, Harris aims to make it easier for entrepreneurs to grow their stores by eliminating some of the financial barriers that can make it difficult for founders to succeed.
The proposals underscore Harris’ belief that the nation’s 33 million small businesses support the U.S. economy, employing nearly all private sector workers, generating trillions of dollars annually and driving economic growth and innovation, a campaign official told CBS News.
Harris’ tax credit proposal would also allow new businesses to wait until they turned a profit to claim the credit, if they chose, to reduce their tax bill.
The presidential candidate also proposes streamlining the tax filing process by developing a standard deduction for small businesses, making it easier for businesses to obtain occupational licenses to expand, and encouraging state and local governments to ease regulations that can hinder small businesses. growth.
Other previously announced elements of Harris’ sweeping economic agenda include promises to cut taxes for most Americans, build more affordable housing and ban “price gouging” in the food industry.