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Vice President Kamala Harris proposed a substantial increase in the tax deduction for startup expenses, raising the allowable deduction for new small businesses from $5,000 to $50,000. The Democratic presidential nominee announced the proposal during a speech in New Hampshire on Sept. 4 as part of her broader economic plan to make tax filing “cheaper and easier” for businesses, Forbes reported . “As President, one of my highest priorities will be to strengthen America’s small businesses,” Harris said, according to CBS News . “We’re going to help more small businesses, and innovators get off the ground.” New startups could either use the full $50,000 deduction in one year or spread it across multiple years as they become profitable. They also have the option to use the $5,000 deduction and spread the remaining startup costs over 15 years. The proposal aims to ease the financial burden of starting a business, covering costs such as advertising, employee training, consultant and...
The 2020 Presidential race has been a battle from the very beginning. Now more than ever, more Black women are getting opportunities to hold leadership positions as the brainpower behind many of the presidential campaigns. “According to an expert, the number of Black women involved in presidential campaigns this go-round is unprecedented,” Essence reported. Whether they’re on the frontlines or behind the scenes, these powerful sisters have been entrusted to help lead the future of politics alongside candidates in the Democratic primary field. Get to know the Black women behind some of these presidential campaigns below. Maya Harris Photo Credit: The Washington Post/Getty Images Maya Harris , a civil rights lawyer and previous senior policy advisor on Hillary Clinton’s campaign, was recruited by her sister, Sen. Kamala Harris to serve as her campaign chair. Although the senator exited the race before the primary votes were tallied, she alongside her sister helped break down political...
Democratic candidates are gearing up to secure the Black vote in the upcoming 2020 presidential election. Former mayor of New York City and presidential hopeful, Mike Bloomberg is among those rolling out initiatives and reform plans aimed at empowering and supporting Black businesses and entrepreneurship. According to Black Enterprise Bloomberg announced his Greenwood Initiative: Economic Justice For Black America plan during MLK weekend. The plan is named after the Greenwood community located in Tulsa, Oklahoma which was the home of Black WallStreet, a thriving early 20th-century community of Black businesses and entrepreneurs. According to Bloomberg’s official campaign site , the Greenwood plan promises to create 100,000 new Black-owned businesses and one million new Black homeowners over the next decade. The details of the Greenwood plan are to increase Black businesses by providing one-stop shops for entrepreneurs, increasing incubators, strengthening Black-owned banks, and...
Using social media as a vehicle for political advertisements and posts filled with misinformation aimed at sabotaging the Black vote was put on display with Russia’s interference in the 2016 presidential election. As the 2020 presidential election approaches, questions around the allowance of paid political ads that specifically misinform Black demographics and measures social media platform executives, like Facebook’s Mark Zuckerberg, will take to prevent such ads are being heavily discussed. During a town hall meeting held in September, civil rights leaders met with Facebook’s COO, Sheryl Sandberg, in hopes to discuss the preventive measures the social media giant would put into place to combat the racial geared voter suppression messages that ran rampant on the platform during the 2016 election. Instead, Sandberg upheld Facebook’s policy that exempts politicians from its third-party fact-checking program. This means politicians including sitting president Donald Trump — whose...