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Yesterday, Vice President Kamala Harris announced a series of proposals to help entrepreneurs create small businesses. Like President Joe Biden, she and her running mate, Minnesota governor Tim Walz, argue that small businesses and entrepreneurs are the “engines of our economy.” In a statement today, they noted that “small businesses employ half of all private-sector workers in America—creating 70 percent of net new jobs since 2019—and do trillions of dollars of business every year.”
The Biden administration has boasted of the record number of new businesses created since Biden and Harris took office. There have been 19 million new business applications in that time. Harris said she and Walz are setting a goal of 25 million new business applications in their first term. Their plan, they say, is to “kickstart…more young, small, and innovative firms.”
To make this happen, they propose raising the deduction for startup expenses from its current level of $5,000 to $50,000, noting that the average amount a new business spends to get set up in its first year of operation is $40,000. They also propose funding a network of new and existing “federal, state, local, and private incubators and small business innovation hubs” that will make it easier for small business and local suppliers to get technical assistance, funding, customers, and so on.
In her statement about economic policy, Harris called out Trump for supporting “himself and the biggest corporations” and noted that sixteen Nobel laureates have said that Trump’s policies would ignite inflation and trigger a recession by mid-2025. That recession, economists project, would cost more than 3 million jobs, explode the deficit, and raise costs. Harris pointed out that Project 2025 would cut funding for the Small Business Administration and make it harder for small businesses to get access to money.
The Biden administration has boasted of the record number of new businesses created since Biden and Harris took office. There have been 19 million new business applications in that time. Harris said she and Walz are setting a goal of 25 million new business applications in their first term. Their plan, they say, is to “kickstart…more young, small, and innovative firms.”
To make this happen, they propose raising the deduction for startup expenses from its current level of $5,000 to $50,000, noting that the average amount a new business spends to get set up in its first year of operation is $40,000. They also propose funding a network of new and existing “federal, state, local, and private incubators and small business innovation hubs” that will make it easier for small business and local suppliers to get technical assistance, funding, customers, and so on.
In her statement about economic policy, Harris called out Trump for supporting “himself and the biggest corporations” and noted that sixteen Nobel laureates have said that Trump’s policies would ignite inflation and trigger a recession by mid-2025. That recession, economists project, would cost more than 3 million jobs, explode the deficit, and raise costs. Harris pointed out that Project 2025 would cut funding for the Small Business Administration and make it harder for small businesses to get access to money.
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