Kamala Harris announced her latest economic proposal last week — an increase in the maximum up-front tax deduction for new business startups to $50,000. This higher deduction is intended to offset the costs that entrepreneurs face in their first year of operation. Those costs, according to widely cited research by Shopify, can climb to $40,000 when accounting for everything from product and shipping costs to staff payroll and marketing. While the debate around Harris’s proposal will likely center around the question of “Is this tax deduction a good idea,” it might be more productive to ask two questions: “How did we get to that $40,000 figure in the first place? And can government
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