US Vice-President Kamala Harris on Wednesday unveiled an “ambitious” plan to boost small businesses through tax deductions, low and no interest loans, investments and fairer tax codes, which together, she said, will make 25 million new applications by the end of her first term.
Small businesses “aren’t just building a business. They’re pursuing a dream. They’re building a better future for their employees and for the people they love in their communities, and by extension, they’re building a stronger middle class and a stronger America for us all,” Harris said at an election campaign event in New Hampshire.
“And so all of this is why as President, one of my highest priorities will be to strengthen America’s small businesses. And here I am in New Hampshire to announce a few elements of my plan.”
Harris had announced her larger economic plan in August, ahead of the Democratic Party Convention to formally nominate her to run for President. The overarching theme was “lower costs for American families” and key provisions of the plans were to ban price gouging, build three million new housing units and grant a tax credit of $6,000 per newborn.
The first part of the plan she announced for small businesses, Harris said, was “to help more small businesses and innovators get off the ground. Okay, now I’m setting what some I’m sure going to call a very ambitious goal but you know what I think we should admire ambition in each other”.
She added that she wants to “see 25 million new small business applications by the end of my first term. And to help achieve this, we will lower the cost of starting a new business”. The way she plans to reduce costs was to expand tax deductions for start-up from the current $5,000 to $50,000.
Second, she said, her plan will help existing small businesses grow.
“We will provide low and no interest loans to small businesses that want to expand, and we will, and this is very important, cut the red tape that can make starting and growing a small business more difficult than it needs to be, more difficult than it needs to be.”
Third, Harris said, her plan will “invest in small businesses and innovators throughout America, and here’s why we know that talent exists everywhere in our country, from rural towns to city centres, but not everyone has access to the financing, to venture capital or expert advice”.
Finally, the Vice-President said, “her plan will make our tax code more fair, while also prioritising investment and innovation. So let us be clear, billionaires and big corporations must pay their fair share in taxes.”
Harris then criticised her Republican rival’s plans.
She said former President Donald Trump plans to “cut off federal programmes that give loans to small businesses”.
