Kamala Harris is proposing to increase the tax credit for small business startup costs from $5,000 to $50,000, the AP reported. The campaign said the average cost for starting a small business is $40,000.
Harris has previously expressed support for Biden’s tax agenda of increasing taxes on corporations and high-income households. She has also pledged to not raise taxes on households making less than $400,000 a year (Potential Harris Tax Plan). Many Democrats along with Donald Trump support such small business tax preferences.