On her economic strategy, Vice President Kamala Harris said, "As President, one of my highest priorities will be to strengthen America's small business. So first, we're gonna help more small businesses and innovators get off the ground." Vice President Harris has set a goal to receive 25 million new small business applications during her first term, demonstrating her commitment to bolstering the small business sector with specific, actionable plans.
To combat the significant costs faced by small business owners, Vice President Harris aims to increase the tax deduction for small businesses to $50,000 from the current $5,000. The reasoning behind this, according to business experts, is that it offers a crucial financial lifeline, enabling owners to claim the deduction until they achieve profitability. This approach underscores her administration's focus on reducing financial barriers to entry for budding entrepreneurs.
Chief Economist Mark Zandi pointed out the impact of Harris's tax credit policy: "Expanding this tax credit would make [starting a small business] more affordable, helping get more businesses started and making it more likely to survive that crucial first year." However, he also cautioned that this plan could increase America's national debt by $1.4 trillion over the next decade, raising concerns about the long-term economic implications.
Collection
[
|
...
]