Vice President Kamala Harris on Wednesday added a proposal to expand tax credits for small businesses to her campaign platform, despite having voted against a similar bill as a U.S. senator.
While campaigning outside Portsmouth, New Hampshire, Harris proposed increasing the small business tax credit from $5,000 to $50,000. According to CBS News: The Democratic majority Opposed 2018 invoice I tried to increase the deduction. $20,000Harris voted. Against 2017 Tax Cuts and Jobs Act The Trade Control Law Agreement (TCJA) Created A new deduction of 20% of income will be implemented for many business owners. (RELATED: Mark Cuban claims Kamala Harris will be 'centrist' on tax proposals)
“As president, one of my top priorities will be strengthening America's small businesses,” Harris said during the campaign, according to CBS. “That starts with helping more small businesses and innovators get started.”
Trump and the Republicans wanted to give small businesses a $20,000 tax credit to start a small business. The Democrats opposed it. Now she's proposing a $50,000 credit. She opposed it and now she's for it? Don't believe anything she says, just believe what she did when she opposed the plan! 🥴
— Helen M (@HelenM17813215) September 4, 2024
Fiscal Year 2018 T.C.J.A. The credit applies to owners of “pass-through businesses” (businesses that report income on their individual tax returns) who make less than $157,500 a year, and owners of joint filers who make less than $315,000 a year. The TCJA also expanded the child tax credit, which Harris proposed to increase to $6,000 for families with a newborn.
Harris opposed the TCJA at the time because she thought it would have lowered income tax rates for high-income earners.
“The Republican tax bill that passed the Senate is a farce,” she said in a 2017 Senate presidential election. post Discussing the TCJA: “This bill gives yet another tax cut to the top 1% and permanently lowers corporate tax rates at the expense of middle-class families. This is not what the American people wanted, and it's up to us to fight back with our votes in 2018.”
The Harris campaign did not immediately respond to a request for comment.
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