Raleigh City Councilman Jonathan Melton Discusses Kamala Harris’ Small Business Tax Proposal

Vice President Kamala Harris is set to unveil a new proposal aimed at boosting small businesses by increasing the tax deduction for startup expenses to $50,000, up from the current $5,000 limit. This significant change would allow new small businesses to spread the deduction over several years or delay claiming it until the company turns a profit. However, challenges remain, as the IRS has previously faced difficulties ensuring these tax breaks reach their intended recipients, particularly during the pandemic when fraudulent claims spiked. Jonathan Melton, a Raleigh City Councilman, joined Jeff Hamlin on the WPTF Afternoon News to discuss the implications of Harris’ plan for local small businesses.