Senate Democrats group — many who won the battlefield in the 2024 election — introduces a bill that seeks to help small business owners by expanding the startup tax credit from $5,000 to $50,000, reflecting traces of a popular campaign from former vice president Kamala Harris.
The announcement of the new business tax relief law, first shared with NBC News, comes from a group of Democrats, including Jackie Rosen send in Nevada. Jeanne Shaheen of New Hampshire. Tammy Baldwin of Wisconsin. Reuben Gallego of Arizona. Elissa Slotkin of Michigan.
Democrats are looking for effective counterarguments to the Trump administration regarding the economy, the most important issue for voters in last year’s election.
In an interview with NBC News about “Meet the Press,” Trump told NBC News’ “Kristen Welker that small businesses “don’t need” due to tariffs. “They’re going to make a lot of money,” Trump said.
But many small business owners joined Senate minority leader Chuck Schumer (DN.Y.) to bring attention to their cause for a press conference with Democrats at the Capitol yesterday.
The Democratic group has joined China’s small and medium-sized business owners, including Beth Benique, a Minnesota native.
“Minnesota warehouses may be worth two months. When it’s gone, there’s no more income. You can’t pay your employees. You can’t pay bills. You can’t pay a loan that leverages your home. “So, I’m asking for help from both sides of the parties to support our small businesses and ask us to remove these tariffs on US-owned small businesses.”
In a statement, Rosen said the law was “significant, especially now, during the time of increasing economic difficulties and uncertainty.”
Her bill amends the 1986 Internal Revenue Act to increase the limit on deductible new business expenses. Without Republican support, there would be nowhere in the Senate and House of Representatives managed by the GOP.
Senate majority leader John Tune, Rs.D. and House Speaker Mike Johnson (R-La.) said he does not support the administration’s efforts to blame blaming the administration’s economic policies.
“I think his policy decisions are right and I think they will pay off over time,” Thune told reporters at a press conference last week.