A Harris campaign official said of the plan, “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.”
Vice President Kamala Harris is scheduled to announce at a campaign stop in New Hampshire on Wednesday a plan to increase the amount in tax deductions offered for startups by ten-fold if elected president, but experts are warning that the policies could cost Americans $20 billion over the next ten years.
According to the New York Post, Harris’ plan would raise the current $5,000 tax deduction for small businesses and their startup expenses to $50,000. A Harris campaign official said of the plan, “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.”
However, senior…
