Harris Unveils Bold Plan to Support Small Businesses

Vice President Kamala Harris unveiled an “ambitious” initiative on Wednesday aimed at bolstering small businesses through a range of measures, including tax deductions, low- and no-interest loans, investments, and a fairer tax code. Harris outlined a goal of facilitating 25 million new small business applications by the end of her first term.

At an election campaign event in New Hampshire, Harris emphasized the vital role small businesses play in pursuing dreams, supporting employees, and strengthening communities, which in turn, contributes to a more robust middle class and a stronger America.

“This is why, as President, one of my top priorities will be to fortify America’s small businesses,” Harris stated. “I’m here in New Hampshire to introduce several elements of my plan.”

Previously, Harris had laid out a broader economic agenda in August, focusing on lowering costs for American families, including measures to ban price gouging, construct three million new housing units, and offer a $6,000 tax credit for newborns.

The first element of her small business plan is aimed at facilitating new ventures. “I’m setting what some might call an ambitious goal, but I believe we should value ambition,” Harris said. “I want to see 25 million new small business applications by the end of my first term, and to achieve this, we will reduce the cost of starting a new business.” To this end, she proposed increasing tax deductions for start-ups from $5,000 to $50,000.

Her plan also focuses on supporting existing small businesses. Harris proposed providing low- and no-interest loans to businesses seeking expansion and reducing bureaucratic hurdles that complicate the process of starting and growing a business.

Additionally, Harris intends to invest in small businesses and innovators nationwide, acknowledging that talent is widespread but access to financing, venture capital, and expert advice is not always available.

Lastly, Harris pledged to reform the tax code to ensure fairness, emphasizing that billionaires and large corporations must contribute their fair share.

Harris also criticized her Republican rival’s stance, claiming that former President Donald Trump plans to eliminate federal programs that provide loans to small businesses.