Vice President Kamala Harris said she would unveil a proposal to provide a tax credit for new small businesses next week, as she visited a local gift and kitchen supply store in Georgia.
“What I’m going to be rolling out next week is basically a tax credit for startups, small business startups,” Harris said Thursday at Dottie’s Market in Savannah.
The tax credit is the latest piece of an economic agenda Harris has slowly unveiled since jumping into the presidential race just over a month ago, following President Joe Biden’s exit from the contest. The vice president previously proposed expanding the Child Tax Credit — including a jumbo break for the parents of newborns — alongside expanding the Earned Income Tax Credit for some low-wage workers and increasing subsidies for those who purchase insurance on federal health exchanges.
Saul Loeb/Photographer: Saul Loeb/AFP via
Harris has also proposed providing mortgage assistance for first-time homebuyers.
With Donald Trump’s signature tax reform law, the Tax Cuts and Jobs Act, largely set to expire next year, both Harris and the former president — who is running in a third consecutive presidential election — have focused much of their policy platforms around changes to the Tax Code.
Trump has said he hopes to keep significant tax cuts for both businesses and corporations in place, and has proposed eliminating taxes on tipped wages and Social Security income, as well as an expanded Child Tax Credit. Harris has said she too would support eliminating taxes on tips, but has proposed increasing levies on the wealthy and corporations to help offset the deficit impact of her other proposals.
Harris made the announcement on the second of a two-day swing through battleground Georgia, where she’s looking to boost her numbers with Black and rural voters. In addition to her bus tour, Harris taped her first interview since capturing the Democratic nomination and is set to hold a rally in Savannah.
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