"Are You a CEO, Director, or Founder interested in a Feature Interview?"
All Interviews are 100% FREE of Charge
Vice President Kamala Harris wants you to start a small business.
Harris is set to unveil new economic policies focused on a new goal of boosting small business creation. If elected, Harris’ goal is to achieve 25 million new business applications during her first term. The goal is due to be announced on Wednesday.
it is Over 18 million new business applications The bills introduced so far under the Biden-Harris administration are aimed at the post-2020 The boom of business applicationsHarris aims to cut out some of the red tape and start-up costs that new businesses face when setting up shop.
Harris campaign officials said she wants to boost tax deductions that small businesses can claim for start-up expenses, forcing some small business owners to turn to creative financing methods to get their businesses off the ground, which can be risky.
Harris’ proposal would increase the start-up credit tenfold, from $5,000 to $50,000, and would also allow companies to postpone claiming the credit until they make a profit, which would likely result in a higher tax bill.
Another aspect of Harris’ plan hinges on easing the logistical burden for new entrepreneurs. It’s no secret that many small businesses have to jump through bureaucratic hoops before they can finally open their doors.
Harris’ proposals include incentives for local governments to cut their own red tape, creating a standard deduction to help small businesses spend less time filing taxes and reducing barriers to obtaining professional licenses that can prevent businesses and workers from crossing state lines.
Harris also wants to funnel money to small businesses, ensuring that one-third of federal contract money goes to small businesses and creating a fund to help local banks cover interest costs for small businesses.
Harris previously said, It would restore the expanded child tax credit, raising the credit again to $3,600 and giving low- and moderate-income parents a $6,000 credit in the first year of a child’s life.
How far Harris can get on with her major economic proposals will depend on the makeup of Congress, with Biden’s attempt to restore the child tax credit blocked in the Senate and Congress gridlocked. This could pose a further obstacle for President-elect Harris.