Harris unveils new tax proposals for small businesses [Video]

Vice President Kamala Harris unveiled new tax proposals for small businesses Tuesday, which she is expected to announce publicly during her stump speech in New Hampshire on Wednesday. 

The proposal seeks to increase the federal government’s small business tax deduction by tenfold, from $5,000 to $50,000, which the campaign indicated will help reduce the roughly $40,000 cost burden related to starting a new business. The proposal will also allow small businesses to wait to claim the deduction until they become profitable, meaning they could use it piecemeal in order to save more down the road when they are making more money. 

Harris is also slated on Tuesday to unveil a goal of increasing new small business applications. She wants to increase them from 19 million under the Biden administration to 25 million under a potential Harris-Walz administration.

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