Kamala Harris promises to invest in small business with new economic plan

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 #kamalaharris #economy #election #politics The New York Post is your source for breaking news, news about New York, sports, business, entertainment, opinion, real estate, culture, fashion, and more. Subscribe to New York