Vice President Kamala Harris has unveiled a set of ambitious policies aimed at bolstering small business creation in the United States. In a break from President Biden's proposal, Harris called for a smaller increase in capital gains taxes while advocating for an expansion of the small business tax credit.

Harris proposed increasing the small business tax credit from $5,000 to $50,000, allowing startups to cover the average $40,000 costs of launching a business. Additionally, she set a goal of receiving 25 million new small business applications in her first term, surpassing the record 19 million filed during the Biden-Harris administration.

Speaking at a campaign stop at Throwback Brewery in New Hampshire, Harris voiced her commitment to strengthening America's small businesses and nurturing innovation. She emphasized the need for more support to help aspiring entrepreneurs and innovators successfully enter the market.

In her bid to make it easier for existing companies to expand, Harris intends to reduce the regulatory "red tape" that often obstructs small business growth. Streamlining the tax-filing process and incentivizing state and local governments to relax regulations are among her proposed measures.

Regarding capital gains taxes, Harris argued that encouraging investment leads to broad-based economic growth and job creation, ultimately strengthening the economy. Her proposal suggests a 28% capital gains tax rate for individuals earning over $1 million, a decrease compared to Biden's budget proposal rate of 39.6%. The current rate stands at 23.8%.

Harris aims to eliminate financial hurdles faced by entrepreneurs, making it easier for them to grow their businesses. Her plan includes allowing new businesses to claim the small business tax credit once they turn a profit, thereby reducing their tax burden.

Furthermore, Harris intends to streamline the tax-filing process by introducing a standard deduction for small businesses. She also plans to simplify occupational licensing procedures, enabling companies to expand more easily. Additionally, she aims to incentivize state and local governments to relax regulations that hinder the growth of small businesses.

The small business proposals put forth by Harris highlight her belief in the crucial role played by the nation's 33 million small businesses. These enterprises employ a significant portion of the private sector workforce, generate trillions of dollars annually, and drive economic growth and innovation.

In addition to her small business agenda, Harris has promised to cut taxes for most Americans, increase affordable housing, and address price gouging in the food industry. With her comprehensive economic plan, Harris aims to stimulate entrepreneurship, empower small businesses, and create a more robust and inclusive economy for all Americans.