Vice President Kamala Harris announced her plan to increase the current $5,000 tax deduction for small businesses and their startup expenses to $50,000 during a campaign speech in New Hampshire on Wednesday.
However, Garrett Watson, a senior policy analyst at the Tax Foundation, warns that this plan could cost taxpayers approximately $20 billion over the next 10 years. In an email to Entrepreneur, Watson says that this figure is a "best rough guess" as he hasn't formally scored the proposal, based on the impact of a similar which increased startup business costs deduction from $5,000 to $10,000 in 2010.
on September 12, 2024, 9:36 pm
