IRS Fresh Start Initiative的动态

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3 周

Kamala Harris Wants To Give Small Businesses a $50,000 Tax Break #KamalaHarris2024 #PresidentialElections #taxes #taxseason

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Breaking news, Kamala Harris wants to give small businesses a $50,000 tax break. Specifically, that's $50,000 that you can deduct from your taxable income by covering small business startup expenses. The average cost to start a business in America is around $40,000. This tax break aims to reduce those costs, encourage entrepreneurship, boost opportunities in underserved communities, and revitalize local economies. Harris's goal is to see 25,000,000 new small business applications during her first term. Critics, however, argue that while initial expenses can be deducted, those deductions can only be received once the business becomes profitable. As taxable income is required for deductions, this means the business might not survive long enough to actually use those deductions they qualify for. Others are concerned that this could reduce federal tax revenues, potentially leading to budget shortfalls or cuts in other programs. Would this help you start a new business? Comment below.

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