Vice President Kamala Harris in NH announcing new small business tax plan
Citing the importance of small businesses in the economy and their job-generating capacity she announced a proposed plan of tax incentives for start-ups. Currently, a new business can deduct $5,000 in start-up expenses. She called for a tenfold increase to a $50,000 deduction and a reduction in r
PORTSMOUTH, NH – Vice President Kamala Harris made a campaign stop in New Hampshire on Wednesday. She spoke on the grounds of the Throwback Brewery at Hobbs Farm in Portsmouth. This was her first visit to the Granite State after being selected as the Democratic nominee for president.
The event was to announce her proposed program of tax incentives for small businesses.
Before she began her planned remarks she commented on the news of another deadly school shooting that had occurred in Winder, Georgia, that morning. Due to limited internet access, most of the crowd was not aware of the shooting and reacted with shock to the news.
“Our hearts are with all the students, the teachers, and the families, of course. And we are grateful to the first responders and law enforcement that were on the scene, Harris said. But this is just a senseless tragedy on top of so many senseless tragedies. It’s just outrageous that every day in our country, in the United States of America, that parents have to send their children to school worried about whether or not their child will come home alive,” Harris said.
Citing the importance of small businesses in the economy and their job-generating capacity she announced a proposed plan of tax incentives for start-ups. Currently, a new business can deduct $5,000 in start-up expenses. She called for a tenfold increase to a $50,000 deduction and a reduction in red tape to incentivize new business formation.
By providing support in the early stages of a new business the goal of the policy is to set them up for success in the long term. Part of the proposed policy would focus on small businesses in rural communities which benefit New Hampshire communities.
“My plan will invest in small businesses and innovators throughout America, said Harris. And here’s why, we know that talent exists everywhere in our country, from rural towns to city centers, but not everyone has access to the financing, to the venture capital, or expert advice.”
If elected the goal for her new administration would be to have 25 million new business applications by 2028
Harris described the value of small business owners beyond the impact on the economy.
“You’re not only leaders in business. You’re civic leaders; you are part of the glue and the fabric that holds communities together.
Her speech is part of her rollout of economic policies in advance of next week’s presidential debate with Donald Trump.
Harris leads Trump by 7 points in two recent NH polls. President Biden won NH by 7 points in the 2020 election. The Trump campaign is operating a single office in NH as compared to the 17 Democratic Party campaign offices in the state.
