How Kamala Harris’ and Donald Trump’s Policies May Impact Businesses

Presidential candidates Kamala Harris and Donald Trump have both made big promises when it comes to their plans for businesses in America.
While Harris has called for a small business tax credit plan, Trump has centered his platform on business-friendly policies and lower taxes.
Depending on which nominee ends up in the White House, the realities for small and big businesses in America could look very different.
US Vice President and Democratic presidential candidate Kamala Harris (R) shakes hands with former US President and Republican presidential candidate Donald Trump during a presidential debate at the National Constitution Center in Philadelphia, Pennsylvania, on… US Vice President and Democratic presidential candidate Kamala Harris (R) shakes hands with former US President and Republican presidential candidate Donald Trump during a presidential debate at the National Constitution Center in Philadelphia, Pennsylvania, on September 10, 2024. Both Harris and Trump have made several promises when it comes to business and taxes. More SAUL LOEB/AFP via Getty Images
Business Under Harris or Trump
Thus far, Harris’s platform has focused on lowering costs for everyday Americans when it comes to affordable housing, grocery prices and child care.
Trump previously said he wanted to expand his 2017 tax cuts for nearly all Americans and limit the amount of illegal immigration while pushing tariffs on U.S. imports.
His new proposed tariff includes a 10 percent tariff on U.S. imports and 60 percent on Chinese shipments in an effort to move more production to the United States.
Harris has promoted tax cuts for middle-class and low-income Americans, but the rich and large corporations would likely face tax hikes under her administration.
Harris has echoed Biden’s plans, saying she supports raising the corporate tax rate from 21 to 28 percent. The richest households in America could also see a 25 percent minimum tax, with capital gains taxes increasing as well for people earning more than $1 million a year.
Harris also made headlines for her policy plan to crack down on price gouging in grocery stores and by landlords.
Among her other proposals for down payment assistance for first-time homebuyers and an affordable housing fund, Harris said she would provide a $50,000 tax deduction for small business startups. Currently, that is set at $5,000.
Harris aims for the government to receive 25 million new small business applications in her first term. During Biden’s administration, the federal government only received 19 million.