Democratic presidential candidate Vice President Kamala Harris speaks on stage during the final day of the Democratic National Convention at the United Center on Aug. 22, 2024, in Chicago, Illinois. (Justin Sullivan | Getty Images)
WASHINGTON — Vice President Kamala Harris is expected to announce economic policy proposals aimed at helping small businesses during a campaign speech Wednesday in New Hampshire.
The Democratic presidential candidate will stump in Portsmouth for expanding the tax deduction to $50,000 on business start-up costs, up from $5,000, a campaign official said on background Tuesday. Harris will also propose a standard deduction for businesses as a way to simplify tax filing for entrepreneurs.
Congress writes the nation’s tax laws, so any changes will hinge on which party wins control of the House and Senate in November. Many provisions enacted under the 2017 Trump-era tax law are set to expire at the end of 2025, teeing up for the next Congress the major task of reworking the tax code.
The announcement comes as part of Harris’ pitch for what she calls an “opportunity economy” that would include an expanded child tax credit — up to $6,000 — for new parents, $25,000 in down payment assistance for first-time home buyers, and tools to combat “price gouging” by big businesses, whom Harris blames for high grocery prices, she told CNN’s Dana Bash on Thursday.
Middle-class message
Harris, whose running mate is Minnesota Gov. Tim Walz, has in recent weeks largely homed in on helping the middle class.
The former California attorney general and U.S. senator is also expected to announce a host of other proposals Wednesday to incentivize the creation of more small businesses — with her goal of 25 million new business applications under her administration, if elected.
Among the proposals are easing licensing to allow businesses to expand across state lines and incentivizing state and local governments to “cut red tape” and reduce regulations. Harris will also pitch granting more federal contracts to small businesses and launching a fund that would allow community banks to pay interest costs for businesses expanding in regions that see little investment.
Harris’ stop in New Hampshire is one of at least three presidential campaign events this week. On Thursday she will return to Pittsburgh, Pennsylvania, where she and President Joe Biden campaigned on their support for organized labor during Monday’s Labor Day holiday.
The Republican presidential nominee, Donald Trump, is scheduled to attend a town hall in Harrisburg, Pennsylvania, with Fox News host Sean Hannity on Wednesday and a Saturday campaign rally in Mosinee, Wisconsin.
Trump attacked Biden and Harris on his online platform Truth Social Monday, blaming the administration for high prices.
Trump wrote in his signature mix of upper and lowercase letters that under Harris, whom he refers to as “comrade,” “all Americans are suffering during this Holiday weekend – High Gas Prices, Transportation Costs are up, and Grocery Prices are through the roof. We can’t keep living under this weak and failed ‘Leadership.’”
U.S. presidents do not set transportation or grocery prices.
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