Harris’s new plan will focus on expanding benefits for small businesses, which she views as a critical component of her economic strategy. Among the key proposals, Harris plans to significantly increase the tax deduction for startup costs from $5,000 to $50,000.
This increase is intended to better align with the average expenses small businesses incur during their initial year. Additionally, she aims to reduce regulatory barriers by simplifying filing requirements and operational licenses for businesses of a certain size.
The Vice President’s new economic policies are designed to boost small business growth, with a goal of surpassing the 19 million new businesses created during the Biden administration and reaching 25 million. Harris’s approach contrasts with her earlier populist policies, focusing instead on a pro-business, low-regulation platform.
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