Kamala Harris will propose expanding small business tax deduction to $50,000 from $5,000

Vice President Kamala Harris is set to propose a tax deduction of up to $50,000 for new small businesses on Wednesday, a significant increase from the current relief and part of her economic policy aimed at appealing to middle-class Americans as she campaigns for the presidency, which she announced over a month ago.

Harris seeks to differentiate her economic strategy from her opponent, Republican Donald Trump, focusing on tariffs and taxes. Her progressive agenda emphasizes taxing wealthier individuals and corporations, along with increasing federal funding for child care and other social programs designed to support working parents.