Kamala Harris’ tax plan for small businesses sounds like it will cost a lot of money it won’t [Video]

Patricia Oswlad, 55, and her husband have spent years building up their retirement fund. But when Oswald decided to launch a small business in the fall of 2022, the couple liquidated some of their assets to fund the company, throwing their financial planning to the wind.

With fewer than five weeks until Election Day, Vice President Kamala Harris is making a targeted pitch to entrepreneurs like Oswald, who are burdened by startup expenses. She even mentioned a key proposal in her opening answer at the presidential debate: expand the small business tax credit 10-fold, from $5,000 to $50,000.

In a pamphlet on her economic plan, dubbed the “Opportunity Economy,” Harris explains that she would let business owners take advantage of the $50,000 tax deduction right away or a few years after launching, to help lower taxes once they start turning a profit. The proposal, like many of her others, would need congressional approval.

Oswald told Business Insider the credit would have been “invaluable” in getting Brisa …