Another Trump idea....
Kamala Harris Proposes A Small Business Tax Break House Republicans Passed and Trump Supported Six Years AgoJohn Carney 3 Sep 2024
Kamala Harris reached for another GOP policy proposal this week, calling for a small business tax break rejected by almost all Democrat lawmakers six years ago and supported by every Republican member of the House.
Harris is proposing an expansion of the tax deduction for small business start-up expenses from $5,000 to $50,000, according to descriptions of the proposal citing anonymous campaign officials.
The idea mirrors similar legislation that has been proposed several times by Republicans, most prominently by Congressman Vern Buchanan (R-Fla.). In 2018, the House passed a version of Buchanan’s bill that would have increased the deduction to $20,000. Every Republican member of the House voted in favor of the legislation, and nearly all Democrats voted against it. The Trump administration supported the bill.
The bill was included in a legislation package meant as a follow-up to the 2017 Trump tax cuts. It was known as “Tax Reform 2.0.”
Current law allows for deductions of expenses such as advertisements and salaries incurred even before a business is officially operating. But the deduction is capped at $5,000.
Harris is expected to tout the proposal on Wednesday in New Hampshire as part of her goal of having 25 million new small businesses started in her first term. So far in President Joe Biden’s term, only 19 million small businesses have been started.
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https://www.breitbart.com/economy/2024/09/03/harris-small-business-tax-break/
