Harris Proposes $50k Tax Break For Small Businesses

less than 1m read

·Nov 7, 2024

You've helped entrepreneurs jump start their small business. There's also this proposal about a $50,000 tax deduction for businesses. How does that sound to you?

Look, I'm very happy that you talked about small business because you got to remember her administration for the last three and a half years brought proposals where trillions of dollars were spent: Inflation Reduction Act, CHIPS and Science, Infrastructure. Not a single dime for small business. $2.5 trillion, zero.

And she said it was 50% of jobs created; it's actually 62%. I'm glad she woke up this morning and discovered small business. But $50,000 is a nothing burger for small business because the majority of costs today are state-based regulatory costs.

So, California, for example, the reason you don't get new startups in California is minimum wage and all the regulatory environment have chased business out of there. All of the smaller businesses are going bankrupt because they can't afford it.

So you can't pull off 24 million jobs. It's not a federal mandate; it's a state-based small business, based on geography. I applaud her for talking about it. Where was she for the last three and a half years on 2.6 trillion of spending? I read all those acts, not a dime for small business.

Thank you for thinking about us today. I am small business, so I read those acts.

You are small business, Kevin. Oh, I never thought you’d admit to it.

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