Kamala Harris' Small Business Plan in the 2024 Election

In the lead up to the 2024 election, Vice President Kamala Harris has unveiled a plan to boost small businesses, focusing on tax deductions, access to capital, and streamlining occupational certifications. Her plan has been welcomed by entrepreneurs who see it as a potential lifeline, but some advocates caution that it could lead to a larger battle over the tax code.

• The plan proposes expanding the tax deduction for startup expenses from $5,000 to $50,000.
• It also aims to clear barriers for small business owners and their employees to obtain or transfer occupational certifications.
• Additionally, Harris plans to launch a fund for community banks to expand entrepreneurs' access to capital.

Trump's Focus on Business Tax Cuts

Meanwhile, former President Donald Trump, a contender in the 2024 election, has continued to push for business tax cuts. He has vowed to slash tax rates for businesses and corporations, a strategy that could appeal to some small business owners but could also raise concerns about the potential impact on the national deficit.

A Battleground for the 2024 Election

The 2024 election is shaping up to be a battleground for small businesses and the economy, with both candidates vying for the support of this critical demographic. Harris' small business plan could be a key factor in attracting voters, but it remains to be seen how it will be received by a potentially divided Congress.

Economic Concerns and the Tax Code

The debate over the tax code extends beyond the 2024 election. Many business owners and entrepreneurs are concerned about the potential expiration of tax deductions that were enacted under Trump's administration. These deductions have been popular with small businesses, but they have also been criticized for their cost to the government.

• The 20% deduction for qualified business income, which is set to expire at the end of next year, has been particularly popular with small business owners.
• However, this deduction has been criticized for being expensive and for disproportionately benefiting wealthy individuals and businesses.

Capital Gains Tax and Wealth Transfer

Harris' plan also includes a proposal to raise the tax on long-term capital gains to 28%, a move that has been met with mixed reactions. Some small business owners support this proposal, arguing that it would help to transfer wealth from the wealthy to those who need it most. Others, however, are concerned that it could discourage investment and hinder economic growth.

• Harris' proposed capital gains tax would be lower than Biden's proposed 39.6% rate, but still higher than the current 20% rate.
• This proposal has been positioned as a way to raise funds for programs that benefit the less fortunate and create a more equitable society.

The 2024 Election and Small Business Owners

The 2024 election is a significant opportunity for small business owners to voice their concerns and advocate for policies that support their businesses. Both candidates have outlined plans that address various aspects of the economy and small business, but it is important for business owners to carefully evaluate these proposals and understand how they could impact their own businesses.

Economic Uncertainty and the Importance of Policy

Small business owners are facing a range of economic challenges, including rising inflation, labor shortages, and supply chain disruptions. In this environment, policy decisions related to taxes, regulations, and access to capital can have a significant impact on the success of small businesses. The outcome of the 2024 election could have major implications for the future of the economy and the small business sector.