Vice President Kamala Harris will propose a tax deduction of up to $50,000 for new small businesses on Wednesday, a tenfold increase over existing relief and her latest economic policy aimed at winning over middle-class Americans after jumping into the presidential race over a month ago.
Interesting incentive move. I immediately wonder how people are going to exploit it, though I don’t believe the potential for abuse should dissuade an attempt at progress.
open business, close business, open new business, repeat, but they are all the same
A deduction isn’t a handout. You don’t get free money you didn’t already earn.
Yeah, if this was a credit that’d be a different story and very ripe for exploitation. However, a deduction is still quite a bit of money to reduce your taxable income by.
my comment implies there was already a business or a business to be made, and closing and reopen was a metod to game system for 50k deduction, hence less taxes, each time this is done
If your business is doing so poorly that deducting a single person’s wage for the first year is worth that effort then…I guess yeah. Game away.