Kamala Harris expected to propose $50,000 tax break for small business startups

Sept. 4 (UPI) -- Vice President Kamala Harris is expected to propose a $50,000 tax deduction for small business startup costs during a policy speech on Wednesday, officials for her campaign said.

Harris, the Democratic nominee for president, is expected to outline the proposal during a speech in Portsmouth, N.H., campaign officials told CNBC, Politico and USA Today.

The proposal would see the allowable deduction for small business startup expenses increase tenfold from the current rate of $5,000 to $50,000 in order to help businesses cover the $40,000 average cost required to start a small business.

It would also allow businesses to apply the deduction across multiple years or delay the claim until the venture becomes profitable.

Harris is also expected to propose creating a small business expansion fund that would aim to assist community banks and Community Development Financial Institutions cover interests and encourage them to invest in underserved communities.

Some of the proposals would require Congressional approval.

In addition to these, it is also anticipated that Harris will lay out more general goals including 25 million new small business applications in her first term.

Harris' other proposals as she ramps up toward Novmeber include a $6,000 newborn tax benefit, new housing subsidies, and a federal ban on food and grocery price gouging.