Harris to unveil new wave of economic policies for small businesses, communities, in economic speech Wednesday | CNN Politics

Vice President Kamala Harris is set to propose a handful of new benefits to entrepreneurs and small business owners to spur the creation of millions of new businesses, as part of a second wave of economic proposals set to be unveiled Wednesday.

In an economic speech in New Hampshire on Wednesday, Harris plans to call for expanding a tax deduction for costs associated with starting a business and removing regulatory hurdles – like filing requirements and operational licenses – for businesses of a certain size, according to a Harris campaign official. It’s an attempt by the Harris campaign to appeal to a critical middle-class constituency that could help boost her chances in November.

“This is one of my singular priorities, is to invest and grow our small business,” Harris told a small business owner in Savannah, Georgia, last week, alluding to the forthcoming tax credit she’d propose.

Small businesses are currently granted a $5,000 deduction for expenses related to their first year of operation, according to the Congressional Research Service. Harris will propose raising that to $50,000, the official said, citing the average business’ outlays of $40,000 to get off the ground.

Harris is also aiming to surpass the 19 million new businesses under the Biden administration with a new goal of 25 million.

After releasing a first wave of more populist policies to increase government involvement in retail pricing and the housing market, Harris is crafting a pro-business, low-regulation platform aimed at taking the air out of Republican broadsides.

And, advisers say Harris is expected to borrow another page from a playbook that’s traditionally been used by conservatives: Branding herself as fiscally disciplined.

Harris is expected to argue on the campaign trail that the revenue gained by rolling back certain provisions in the 2017 Tax Cuts and Jobs Act, one of former President Donald Trump’s signature achievements in his first term, should be used to fund community-level investments and other programs that affect Americans in a more targeted way. One close adviser told CNN that Harris believes the federal government should “use those expiring tax cuts to get at issues that affect the bottom line for the average American.”

Small business growth is at the top of a list that, as CNN has previously reported, also includes investing in underserved communities and assisting working families.