Vice President Harris understands that small businesses are the backbone of our economy, and that’s why she’s announced a historic new proposal to support them: providing these businesses with a dramatic tenfold expansion to the small business tax deduction, cutting unnecessary red tape, and further investments in innovation. While Donald Trump’s Project 2025 agenda would go beyond his record of screwing over small businesses by cutting off federal programs that give disaster loans to small businesses and give billionaires massive tax cuts at the expense of small business owners, Vice President Harris is charting a New Way Forward with an agenda that will ensure every small business has the resources to thrive and American has the chance to compete and succeed.

Here’s what they are saying about Vice President Harris’ proposal to boost small businesses:

On the airwaves:

On Fox Business, host Stuart Varney and RNC Chair Michael Whatley: 

Varney: “When a political candidate comes up with what I think is a good idea, I have to call it a good idea. And a $50,000 tax cut, not tax cut but a tax credit, for startups and small businesses, coupled with less red tape, I’ve gotta say, that is a good idea.”

Whatley: “Well that may be a good idea…”

On MSNBC, Colorado Governor Jared Polis on Vice President Harris’ small business proposal: “Well, I think it’s really exciting as a former entrepreneur myself, and before I got into public service I started several companies. It’s really a big deal to see a potential President talk about entrepreneurship and risk taking in a positive way and not just aspirationally.”

On CNN, Senior National Spokesperson for the Harris-Walz campaign, Ian Sams: “There’s really a crystallized choice in the election between Donald Trump, who wants to give billionaires and big corporations more tax cuts because he thinks that they control the economy, and Kamala Harris, who’s actually talking about creating more small businesses, lowering costs for the middle-class, giving the middle class a tax cut.”

Headlines:

Axios: “Harris readies aggressive tax boost for new small businesses”

Key Point: “The latest proposal includes a tenfold increase in the tax deduction for starting a small business — from $5,000 to $50,000. […] The proposal also includes measures to cut red tape by developing a standard deduction for small businesses and reducing barriers to getting occupational licenses across state lines.”

Politico: “Harris targets small business tax break in contrast with Trump’s corporate tax cuts”

Key Point: “Kamala Harris rolled out a new plan for small business tax breaks, as the vice president looks to contrast her economic agenda with former President Donald Trump ahead of next week’s debate. Harris’ proposal, released on Tuesday, calls for significantly expanding the tax deduction for start-up expenses from $5,000 to $50,000, while also setting the goal of 25 million new small-business applications during her first term, according to a Harris campaign official granted anonymity to describe details of the plan.”

Bloomberg: “Harris to Expand Small Business Tax Relief to Boost Startups”

Key Point: “Harris also plans to initiate a small business expansion fund to enable community banks to cover interest costs when emerging enterprises are trying to expand, particularly in regions that have historically struggled to get investments. If elected, Harris will also pledge to ensure that one-third of federal contract dollars go to small businesses by expanding opportunities in rural areas and underserved communities.”

HuffPost: “Harris To Seek Huge Expansion Of Startup Tax Deduction To Help Small Businesses”

Key Point: “Vice President Kamala Harris will propose a massive expansion of a key tax break Wednesday as part of a plan to see 25 million new small businesses created by the end of her term if she wins the White House, according to a campaign official.”

Business Insider: “Kamala Harris Wants to Give Small Businesses Tax Breaks, Cut Red Tape”

Key Point: “Harris is set to roll out another economic policy, focused on a new goal: boosting small business creation. Harris’s goal — which she’ll announce on Wednesday — is 25 million new business applications in her first term if elected.”

The Hill: “Harris to announce new economic plans focused on boosting small businesses” 

Key Point: “The proposal would tenfold expand the small business tax deduction for startup expenses from $5,000 to $50,000, with the goal of 25 million new small business applications in Harris’s first term as president if elected.”

Online

Senator Maggie Hassan: “@KamalaHarris has a plan to boost the small businesses that help NH thrive. It was great to join her on the Seacoast today and feel the energy of Granite Staters who are ready to elect Kamala Harris and keep moving forward! #nhpolitics”

Senator Chris Coons: “Every new business is an act of hope, and during this administration, Americans have started a record 19 million new ones. As president, 

@KamalaHarris will make it even easier to start a business—and we’ll create 25 million more in the next four years.”

Rep. Debbie Wasserman Schultz: “Small businesses are the backbone of South Florida’s economy, so @kamalaharris would expand tax & red-tape relief for startups. That’s how we build a strong middle class.

Trump’s billionaire tax cuts do nothing for us – and everything for the very few. #HarrisWalz2024”

Rep. Lucy McBath: “Small businesses are the backbone of our country.

Last week, I spent time with business owners throughout our community to hear their stories of resilience and success.

I am so grateful for their amazing contributions to our community and our local economy.”

Rep. Sylvia Garcia: “Kamala Harris is strengthening the middle class and empowering small business owners to grow, all while creating new jobs and opportunities across the country. #VoteforKamala 💙 @KamalaHarris”

Rep. Jennifer McClellan: “Small businesses are the backbone of the American economy.  @kamalaharris & @tim_walz have a plan to support entrepreneurs nationwide. This new proposed tax break would be a lifeline for small business owners & ensure they have what they need to thrive.”