Vice President Kamala Harris wants you to start a small business.
Harris is set to roll out another economic policy, focused on a new goal: boosting small business creation. Harris’s goal — which she’ll announce on Wednesday — is 25 million new business applications in her first term if elected.
That would outpace the over 18 million new business applications filed so far during the Biden-Harris administration, which comes amid a post-2020 business application boom. Harris aims to hack away at some of the red tape and startup costs new businesses face when they’re setting up shop.
According to a Harris campaign official, Harris wants to bolster the tax deduction that small businesses can claim for initial startup costs. Some small business owners have to turn to creative funding measures to get their businesses off the ground, which can come with their own risks.
Harris’s proposal would increase that startup deduction tenfold, upping it from $5,000 to $50,000; businesses would also be …