September 5, 2024

Kamala Harris

Independent UK-  Harris said she would expand the existing small business tax deduction to $50,000 per year for new small businesses, calling the expanded deduction proposal “essentially a tax cut” to “ help more small businesses and innovators get off the ground.”

“To help achieve this, we will lower the cost of starting a new business. So here's the thing, on average, it costs about $40,000 to start a new business in America. That is a great financial barrier for a lot of folks, and it can hold entrepreneurs back, and the current tax deduction for a startup is just $5,000,” she said.

The vice president also said her administration would make it “cheaper and easier” for small businesses to file taxes by creating something similar to the standard deduction that lets many Americans file their taxes with a shortened version of the normal individual income tax form.

“Let's just take away some of the bureaucracy in the process to make it easier for people to actually do something that's going to benefit our entire economy,” she explained.

Continuing, Harris argued for making the tax code more fair to small businesses by making larger corporations pay a “fair share” of tax by setting what she called a “billionaire minimum tax”.

“And while we ensure that the wealthy and big corporations pay their fair share, we will tax capital gains at a rate that rewards investment in America's innovators, founders and small businesses. So here's the detail: If you earn a million dollars a year or more, the tax rate on your long term capital gains will be 28 per cent under my plan. Because we know when the government encourages investment, it leads to broad based economic growth, and it creates jobs which makes our economy stronger,” she said.

CNN - Harris breaks with Biden on one thing. Kamala Harris is proposing a smaller capital gains tax hike. The vice president is proposing 28%, lower than Biden's plan for income over $1 million. Details.

Rep Liz Cheney - Because we are here in North Carolina, I think it is, it is crucially important for, for people to recognize not only is what I just said about the danger that Trump poses, something that should prevent people from voting for him, but I don’t believe that we have the luxury of writing in candidates names, particularly in swing states.poses, something that should prevent people from voting for him, but I don’t believe that we have the luxury of writing in candidates names, particularly in swing statesAnd as a conservative, as someone who believes in and cares about the Constitution, I have thought deeply about this. And because of the danger that Donald Trump is, not only am I not voting for Donald Trump, but I will be voting for Kamala Harris.

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