The vice president’s campaign will detail efforts to boost small businesses to help draw a contrast with former president Donald Trump.
By Jeff Stein, The Washington PostVice President Kamala Harris high fives and greets supporters during a campaign rally at Enmarket Arena in Savannah, Ga., on Aug. 29.
The proposal is expected to be unveiled ahead of a Harris campaign speech Wednesday in New Hampshire. Advisers to the Harris campaign also have discussed including plans to bolster the safety net, such as through child-care or paid-leave expansions, alongside tax proposals, although it is unclear whether those or other policies will be in Wednesday’s announcement, two other people familiar with the matter said.
Although support for small businesses and start-ups polls well, policymakers have long struggled with how to approve policies to spur their growth. Short of cash grants to new firms, providing tax deductions often has only a limited impact because companies tend to have only limited tax liability in their early years. Conservatives are also likely to see targeted measures as subject to be gamed by larger firms.
Roughly 62 million U.S. workers are employed by a “small business,” typically defined as having 500 employees or fewer. The White House has touted record numbers of new business applications during the first three years of the Biden administration, with Black and Latino business ownership growing at the fastest pace in more than a decade.
A Congressional Research Service report found that the existing deduction costs roughly $200 million per year.
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