Kamala is making some big promises.
Kamala Harris, the Democratic vice presidential candidate, is set to visit New Hampshire on Wednesday to introduce a new $50,000 tax deduction aimed at new small businesses. This initiative is part of her effort to appeal to independent voters and Republicans who remain doubtful about former President Donald Trump’s prospects.
The announcement will take place in North Hampton, New Hampshire. Harris’s plan is presented as a means to stimulate economic growth, with small businesses being pivotal in job creation. According to recent data, small businesses have been responsible for 70% of net new jobs in the U.S. since 2019.
Harris is particularly focused on winning over independent voters in New Hampshire, where there are 330,000 registered independents, surpassing both Democrats (258,000) and Republicans (301,000). Current polls indicate Harris holds a narrow lead over Trump in the state, ranging from four to six percentage points.
Trump’s spokesperson, Karoline Leavitt, has pushed back against claims that Republicans are conceding New Hampshire. She highlighted that Trump’s campaign maintains a robust presence with a local office and staff. “Kamala Harris is making a play for New Hampshire because she understands its significance,” Leavitt stated. “However, no amount of campaigning can offset the damage caused by Bidenomics. Rising energy prices and inflation are hitting hard, while small business optimism is declining—issues that Kamala Harris and her policies are directly accountable for.”
Harris’s visit will include a stop at a local brewery, accompanied by elected officials and a representative from a “Republicans for Harris” group in New Hampshire. Historically, New Hampshire has leaned Democratic in presidential elections since 1992, with the exception of George W. Bush’s 2000 victory. In 2020, Joe Biden won the state by a seven-point margin over Trump.
Harris’s campaign asserts that the proposed tax deduction is part of a comprehensive strategy to alleviate costs for Americans, improve access to affordable housing, and lower prescription drug prices. This new tax deduction would represent a significant increase from current relief measures for new businesses, which typically cost about $40,000 to start.
The Treasury Department reported that the U.S. has been seeing an average of 430,000 new business applications per month in 2024, a 50% increase from 2019, the final pre-COVID year of Trump’s administration. Additionally, recent data indicates that annual inflation fell below 3% in July for the first time in nearly 3½ years.