In a bid to bolster the economic prospects of small businesses, Vice President Kamala Harris unveiled a plan on Wednesday to significantly increase tax deductions for startup expenses. Building upon her tax-focused economic agenda, Harris aims to provide new small businesses with added flexibility and support during their foundational stages.

Under Harris' proposal, small businesses would be eligible for a $5,000 tax deduction, with any remaining startup costs spread out over a span of 15 years. The deductible expenses include advertising expenditures, wages for employees undergoing training, compensation for trainers, executive salaries, and travel costs related to acquiring customers, suppliers, or distributors.

The Biden administration, on Tuesday, shared that there have been a staggering 19 million new small business applications since President Joe Biden took office. Harris now sets her sights on attracting an additional 25 million new small business applications during her potential first term as president.

Harris, who has long advocated for an "opportunity economy" that supports the middle class, is not only focused on tax deductions for startup expenses. She also intends to expand the child tax credit, with her proposal featuring $6,000 for newborns up to one year old, and $3,600 per child for middle- and lower-income families. Furthermore, her plan includes tax cuts for middle-class Americans, measures to combat "price gouging" at grocery stores, and the introduction of up to $25,000 in down payment aid for first-time homebuyers.

The unveiling of Harris' proposal comes just one week ahead of her highly anticipated debate with former President Donald Trump. Trump, in his own tax plan, has proposed extending expiring tax cuts for individuals across all income levels, including a 20% deduction for both small and large businesses.

In the latest polls following the Democratic National Convention, Harris maintains an advantageous position over Trump in at least nine surveys. Notably, an Ipsos/ABC News poll conducted from August 23 to 27 shows Harris with a four-point lead among registered voters compared to the former president.

As Harris continues to articulate her vision for the economy and garner support for her proposed tax incentives, the fate of small businesses in America hangs in the balance. The November elections will undoubtedly shape the country's economic landscape for years to come.