Spending and Spending
Author: Greg Valliere
September 4, 2024
* Corrected the figures in paragraph three to $5,000 and $25,000, from $5 million and $25 million.
WE WROTE YESTERDAY about Washington’s out of control spending, and sure enough — Vice President Kamala Harris today will unveil a massive package of aid for small business, in an attempt to show she can counter Donald Trump’s huge tax breaks for big business.
IT’S ALMOST LIKE A BIDDING WAR, with absolutely no acknowledgement that there’s a federal deficit that now has surpassed $34 trillion. Ironically, big and small businesses are in good shape now.
IN A SPEECH TODAY IN NEW HAMPSHIRE, Harris is expected to announce a ten-fold expansion of the tax credit — from $5,000 per business to $25,000 — for starting a small business as part of a sweeping new economic plan.
THE NEW BUSINESSES WILL BE ALLOWED TO WAIT to claim that deduction once they turn a profit. The goal is to beat Joe Biden’s record of 19 million new small business applications with a goal of 25 million in Harris’ first term.
THIS IS ALL PART OF HARRIS’S QUICKLY EVOLVING PLAN to bolster the safety net, such as through child-care or paid-leave expansions, alongside tax proposals.
HARRIS IS STRIKING A POPULIST TONE, calling for major new housing subsidies, a $6,000 child benefit for newborns, and the first federal ban on price gouging in the grocery and food sectors.
HARRIS IS PROPOSING TO CREATE a new standard deduction for small firms to expedite their tax filings, lower barriers for occupational licenses and incentives for state and local governments to make it easier to form start-ups, among other changes, campaign officials said yesterday.
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