State treasurers back Harris based on her small business proposal

A group of more than two dozen state treasurers backed Vice President Harris for president on Friday because of her proposal to expand tax relief for Americans starting a small business.

In a letter obtained by The Hill, state treasurers from Nevada, Colorado, Oregon and several other states endorsed Harris, touting especially the part of her economic agenda that would extend tax credits for entrepreneurs.

The group argued that small businesses are critical to economic strength and applauded Harris for committing to support small businesses, including during the Biden administration when Americans have been filing new business applications on an average of more than 430,000 per month in 2024.

The group outlined her plan, including raising the current federal small-business tax deduction by tenfold, giving small-business owners an up-to-$50,000 one-time deduction to help cover their startup expenses and cutting red tape to make it easier for small businesses to file taxes.

“And under Harris’s plan, small businesses will open faster than ever — with a goal of 25 million new business applications in her first term,” the group wrote. “Donald Trump has taken a different approach. His proposals raise taxes on millions of small businesses through a de facto national sales tax on imports, costs they will have to pass on to their customers as well.”

The letter outlined concerns the group has about former President Trump, arguing he would extend tax breaks only for the wealthiest Americans.

“We know that smart policies contribute to long term growth, and we firmly believe that Kamala Harris’s fiscally responsible proposals will ensure an economy that creates opportunity for everyone. The same cannot be said for Donald Trump,” the group wrote.

Fourteen state treasurers signed the letter, including Fiona Ma, the California state treasurer; Michael Frerichs, the Illinois state treasurer; Laura Montoya, the New Mexico state treasurer, and Mike Pellicciotti, the Washington state treasurer.