Topline
Vice President Kamala Harris proposed Wednesday a substantial boost to the tax deductions new small businesses can use on their startup expenses, tacking on to a tax-focused economic plan she has revealed more of in recent weeks.
Harris will discuss the proposal during a speech Wednesday. (Photo by JEFF KOWALSKY / AFP) (Photo by … [+] JEFF KOWALSKY/AFP via Getty Images)
AFP via Getty Images
Key Facts
The proposal, announced during a speech in New Hampshire, would increase small businesses’ $5,000 allowable deduction for startup expenses to $50,000, Harris said, adding, “It’s essentially a tax cut for starting a small business.”
New small businesses could allocate the tax deduction across multiple years or claim the full $50,000 deduction once they turn a profit.
Harris said her administration plans to make filing taxes for businesses “cheaper…
