Harris readies aggressive tax boost for new small businesses

Vice President Kamala Harris will announce Wednesday a ten-fold expansion of the tax credit for starting a small business as part of a sweeping new economic plan.The big picture: The ambitious proposal is a part of the Harris campaign’s delicate balancing act on the economy, which seeks to defend President Biden’s administration while also looking past it with new policies to help working- and middle-class Americans.Harris revealed an economic plan last month aimed at helping first-time homeowners and targeting price-gouging.Zoom in: The latest proposal includes a tenfold increase in the tax deduction for starting a small business — from $5,000 to $50,000.In an effort to reduce taxes…
Read More