Vice President Kamala Harris will propose a massive expansion of a key tax break Wednesday as part of a plan to see 25 million new small businesses created by the end of her term if she wins the White House, according to a campaign official.
The plan is to be publicly proposed at a speech in New Hampshire on Wednesday, the official said. The official declined to be identified in order to freely share details of the plan before its formal debut.
The centerpiece of the plan would be a 10-fold increase in the value of the tax deduction small business owners can take for their startup expenses. Under the plan, the deduction would rise from $5,000 currently to $50,000.
