U.S. Democratic presidential nominee Kamala Harris recently announced that if elected, she’ll push for a higher tax deduction for new business costs. Currently, companies can deduct $5,000 in start-up costs, including expenses related to market research, advertising and salaries for employees who are being trained. To help encourage entrepreneurs, Harris says she’ll work to raise the deduction to $50,000. Companies would be able to allocate the deduction over several years or use it in one year if they’re profitable. Harris has also pledged to ease the tax filing process for businesses. Her ability to execute such plans likely will hinge on which party controls the U.S. Senate and House.
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