Vice President Harris proposes expanding small business tax credit from $5,000 to $50,000, aiming to provide immediate financial relief for entrepreneurs.

Vice President Kamala Harris has proposed an expansion of the small business tax credit, increasing it from $5,000 to $50,000. This initiative aims to provide immediate financial relief for entrepreneurs, allowing them to deduct startup costs more quickly. Tax experts estimate the plan would cost about $24.5 billion over ten years, with potential benefits for small businesses facing inflation. Congressional approval is necessary for implementation.

October 05, 2024
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