The expanded tax credit that Kamala Harris is proposing for starting a business illustrates her understanding that it is the economic ground floor that we should be supporting in order to ensure a vibrant and growing economy. The benefits of lowering tax rates for established businesses are negligible (and costly) compared to the benefits that come from increasing the chances of new businesses being successful.
It’s a basic principle of taxation from Adam Smith (The Wealth of Nations) that you take tax revenue from those most able to pay (as opposed to focusing on those least able to wiggle out of them).
