Harris Unveils Proposals to Encourage Small Business Growth in NH Visit

Vice President Harris’s goal of 25 million new small business applications in her first term is a significant increase from the current pace of small-business creation.

Speaking in New Hampshire Wednesday Harris laid out her economic vision for the country.

As part of her new proposal, Harris would expand the startup-expense deduction for small businesses to $50,000.

Currently, business owners can deduct up to $5,000 in startup expenses.

Harris also proposed ways to cut down on government bureaucracy, like making it easier for businesses to operate across state lines, and for workers to get occupational licenses; as well as create standard deductions for small businesses to make it easier and simpler when reporting to the IRS.