United States Vice President Kamala Harris is set to unveil a new small business tax cut of up to $50,000 as the Democratic nominee looks to burnish her economic credentials in a close race for the White House.
Harris is scheduled to unveil the plan in New Hampshire on Wednesday, where he will announce a goal of 25 million new small business applications during his first four years in office if elected in November.
Under current tax rules, small businesses can claim up to $5,000 for expenses related to their first year of operation.
Harris flagged the plans at a campaign stop in Savannah, Georgia last week, saying growing small businesses is one of his “singular priorities.”
“Half of America’s working population either owns, operates or works in a small business,” she said.
Harris has held a modest lead against former President Donald Trump in most polls since entering the race in July, but has often been rated as less capable of handling the economy than his Republican rival.
Harris, who then became the Democratic nominee President Joe Biden announced in July that he would not seek re-electionIt has also faced criticism for releasing some policy proposals and not taking media queries.
Harris’ latest policy announcement comes as she prepares to face off against Trump in her first presidential debate in Philadelphia, Pennsylvania, on Tuesday.
Since entering the race, Harris has presented his economic agenda as more beneficial to middle-class Americans than proposals put forward by Trump, who has called for drastic tax cuts, including a reduction in the corporate tax rate from 21 percent to 15 percent.
In his first set of economic policy announcements last month, Harris laid out a set of proposals to create an “opportunity economy,” including a $25,000 subsidy for first-time home buyers, a $6,000 child tax benefit for newborns and a federal price cap. Gogging for groceries.
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