Kamala Harris pitches $50,000 tax benefit for small businesses

Vice President Kamala Harris will propose a $50,000 tax benefit for new small businesses, a campaign official said, as the Democratic presidential nominee aims to detail her economic policy vision ahead of next week’s debate with former president Donald Trump.

The new tax plan, part of a broader effort to encourage entrepreneurship, would massively expand an existing $5,000 deduction for start-up firms, said the official, who shared the plan with reporters on the condition of anonymity because it had not yet been made public. Harris is eyeing the measure as a way to draw a contrast on economic policy with Trump, who has called for cutting the tax rate paid by corporations and maintaining lower tax rates for high-income individuals, along with other policies aimed at helping lower- and middle-class taxpayers.