Trump debate preceded by Harris' proposal for $50,000 tax deduction for small business startup expenses.

• Kamala Harris intends to reveal a new plan that offers small businesses a $50,000 tax exemption for initial costs.
• The policy proposes a tenfold increase in the current $5,000 startup tax deduction.
• Harris' economic policy record has been criticized by Donald Trump, who presented himself as the superior choice for business.

On Wednesday, Vice President Kamala Harris will reveal a new plan to offer small businesses a $50,000 tax deduction for startup costs, ten times the current $5,000 deduction, according to a campaign official who spoke on condition of anonymity about a proposal that has not yet been made public.

On Wednesday, at a presidential campaign event in New Hampshire, Harris will unveil her new plan, which is part of her strategy to win the election.

The proposal suggests that new small businesses could spread out the $50,000 tax deduction over several years or delay claiming it until the company turns a profit.

The IRS has struggled to ensure that small business tax breaks reach their intended recipients, particularly during the pandemic, when the agency detected a surge in fraudulent claims.

The Harris campaign did not provide information on which startups and small businesses would qualify for the tax deduction.

If elected president, Harris aims to collect 25 million new small business applications in her first term, surpassing the six million recorded by the Biden administration so far.

The upcoming Sept. 10 debate between Democratic presidential nominee Kamala Harris and Republican nominee Donald Trump, hosted by ABC News, provides Harris with ammunition to counter Trump's claims about her economic record and his position as the more pro-business candidate.

Since Joe Biden dropped out of the presidential race on July 21, the Harris campaign has been rapidly developing the vice president's economic platform.

Harris' policy proposals have centered on addressing the affordability of housing, groceries, prescription drugs, child care, and healthcare, which have consistently been ranked as the top election issue by voters.

The pitch has suggested a federal prohibition on "price gouging" in the food sector, suggesting that elevated food prices are a consequence of grocery stores intentionally inflating prices.

That proposal has drawn backlash from the business community and some economists.

During his third presidential campaign, Trump is advocating for the permanency of his initial tax cuts, including a reduced corporate tax rate.

"If you believe things are expensive now, they will become 100 times worse if Kamala is elected President for four years, according to Trump's post on his X account. To get more money and less taxes, vote for Trump!"

Harris' tax deduction proposal for small businesses could help her balance her opposition to Trump's attacks and her fight against corporate greed.

If the vice president were to win the White House, there are uncertainties about her stance on business regulation beyond the campaign trail.

Some Wall Street supporters of Harris predict that she will adopt a more business-friendly stance than Biden on antitrust enforcement and other related matters.