As we look ahead to the upcoming election, one candidate is making waves with a bold new vision for small businesses in America: Vice President Kamala Harris. In a speech set for Wednesday in New Hampshire, Harris is expected to unveil a series of economic proposals aimed at supercharging small business growth across the nation. These initiatives are not just about numbers on a balance sheet—they’re about empowering the heart and soul of our economy: the entrepreneurs and small business owners who drive innovation, create jobs, and build communities.

A Game-Changing Tax Deduction

One of the standout features of Harris’s plan is a significant expansion of the tax deduction for startup costs. Currently, small businesses can deduct up to $5,000 in their first year. Harris proposes raising this to a whopping $50,000. This change recognizes the real costs that many entrepreneurs face when starting a business. With the average startup spending around $40,000 just to get off the ground, this new deduction could be a game-changer, making it easier for aspiring business owners to turn their dreams into reality.

Streamlining Success: Cutting Red Tape

Harris isn’t stopping at tax deductions. She also plans to tackle the regulatory burdens that often hinder small business growth. By simplifying filing requirements and reducing the need for certain operational licenses, Harris aims to create a more business-friendly environment. Imagine a world where your business idea isn’t bogged down by endless paperwork—where you can focus on what really matters: building and growing your business.

Beyond the Big Cities: Community-Based Lending

In her previous roles, Harris has been a strong advocate for Community Development Financial Institutions (CDFIs), which provide crucial funding to businesses in underserved communities. Now, she plans to go even further by proposing a new fund that will help the country’s smallest banks cover interest costs on loans to new businesses. This initiative is particularly significant for minority-owned businesses, which have historically struggled to access capital.

Harris’s focus on community-based lending is not just about fairness—it’s about ensuring that every corner of America has the opportunity to thrive. Whether you’re in a bustling city or a rural town, Harris’s plan could help bring much-needed investment to your community, fostering local entrepreneurship and job creation.

What Does This Mean for You?

If you’re a small business owner or thinking about starting a business, Harris’s proposals could directly impact your bottom line. Imagine having more capital to invest in your business, fewer regulatory hurdles to navigate, and easier access to loans—these are the kinds of changes that could propel your business to new heights.

But Harris’s plan isn’t just about dollars and cents. It’s about recognizing the vital role that small businesses play in the fabric of our society. Small businesses are not just economic units; they are community builders, job creators, and innovation drivers. By investing in small businesses, Harris is investing in the future of America.

Get Involved, Stay Informed

As Harris’s campaign continues to unfold, it’s crucial for small business owners to stay informed and get involved. Whether you support her plan or have concerns, your voice matters. Engage with your local business communities, participate in discussions, and let your elected officials know what you think. After all, the policies that come out of this election will shape the future of small business in America for years to come.

At 360 Business Coach, we’re here to help you navigate these changes and make the most of the opportunities ahead. Stay tuned for more updates as we continue to break down the key issues that matter most to you.

What are your thoughts on Kamala Harris’s new proposals? Could they make a difference for your business? Let’s start a conversation—comment below and share your perspective!