Vice President Kamala Harris will announce Wednesday that she plans to increase the amount in tax deductions offered for startups by tenfold if elected president — a policy experts say could cost Americans as much as $20 billion over the next decade.
The Harris plan, expected to be unveiled during a campaign stop in New Hampshire, would up the current $5,000 tax deduction for small businesses and their startup expenses to $50,000.
“This proposal would also allow new businesses to wait to claim that deduction until they first turn a profit in order to reduce their taxes,” a Harris campaign official said Tuesday.
Read more at https://nypost.com/2024/09/03/us-news/kamala-harris-small-business-plan-could-cost-taxpayers-a-hefty-20b-experts/
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