The 2024 presidential race is heating up as election day draws near. Former President Donald Trump and Vice President Kamala Harris have unveiled economic policies and plans to support small business generation and growth.
While neither candidate has released specific details of their plans, they have shared generalities about their tax and small business funding plans.
Ms. Harris
1. Ms. Harris has proposed expanding tax deduction for startup expenses from $5,000 to $50,000, according to her campaign website.
2. If elected, Ms. Harris set a goal to collect 25 million new small business applications within the first term. She led efforts to increase access to capital for small businesses while vice president, which led to 19 new business applications.
3. Ms. Harris would also remove "obstacles and red tape" that make it difficult for small businesses to grow, according to her website.
4. Her policies aim to drive venture capital dollars to small businesses across the country, including in rural areas, and increase federal contract funding for small businesses.
Mr. Trump
1. Mr. Trump has vowed to make the tax cuts from his first term permanent, including a lower corporate tax rate, according to CBS News.
2. Mr. Trump has mentioned replacing individual income tax with tariffs, according to CNBC. His plan would eliminate taxes on Social Security income as well.
3. Mr. Trump pledged to end all taxes on overtime pay as part of his broader tax cuts, according to Reuters. He has also suggested ending taxes on tips.