Harris to propose tenfold startup tax incentive increase she says will spur small business creation

Vice President Kamala Harris is about to propose a tenfold increase in federal tax incentives for small business startup expenses, from $5,000 to $50,000, hoping it will help spur a record 25 million new small business applications over her four-year term should she win the presidency in November. She’s set to unveil the plan during a campaign stop Wednesday in the Portsmouth area of New Hampshire. A Harris campaign official, who spoke Tuesday on the condition of anonymity to discuss a policy plan that hasn’t yet been released publicly, said the change would cover the $40,000 it costs on average to start a business.