Kamala Harris's new economic policy aims to double the number of new business applications to 25 million by cutting red tape and increasing tax deductions for startups.
The Vice President plans to raise the startup tax deduction from $5,000 to $50,000 and allow businesses to defer it until they turn a profit.
In an effort to simplify the process for entrepreneurs, her proposals will encourage local governments to minimize administrative red tape and streamline tax deductions.
Harris advocates also for the removal of barriers in obtaining occupational licenses, which can restrict the mobility of small business owners and their workers across state lines.
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