She also plans on setting a goal of receiving 25 million new small business applications in her first term, up from the 19 million filed under Biden administration.
Vice President Kamala Harris, the Democratic presidential nominee, is set to propose policies she hopes will help spur small business creation across the U.S., according to a campaign official.For one, she wants to expand the small business tax credit tenfold — from $5,000 to $50,000 — to help startups cover the average $40,000 it costs to launch an enterprise.
The proposals underscore Harris' conviction that the nation's 33 million small businesses underpin the U.S. economy, by employing nearly all private-sector workers, generating trillions of dollars annually and driving economic growth and innovation, a campaign official told CBS News. Harris' tax deduction proposal would also let new businesses wait until they turned a profit to claim the credit, if they so chose, to reduce their tax bill.
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