Clinton Proposes Standard Tax Deduction for Small Businesses

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Hillary Clinton's presidential campaign released additional details on Tuesday about how she would support U.S. small businesses if elected, REUTERS/Mark Makela

Hillary Clinton‘s presidential campaign released additional details on Tuesday about how she would support U.S. small businesses if elected, including establishing a standard tax deduction that has previously only been available to individuals.

A standard tax deduction would allow small business owners to easily obtain tax relief without filing additional forms that document equipment and transportation costs, Clinton‘s campaign said.

Clinton would also expand healthcare tax credits in the Affordable Care Act for small businesses that employ up to 50 workers and create new federal incentives for local and state governments to streamline the business licensing process, according to background provided by her campaign.

Since launching her campaign in April 2015, Clinton has said she wants to be the “small business president” if she wins the Nov. 8 election against businessman Donald Trump, the Republican nominee.

The proposals announced by Clinton‘s campaign on Tuesday fill in details on how the Democratic nominee would fulfill promises to improve access to financing and minimize regulatory burdens that make it difficult to start small businesses.

“Way too many dreams die in the parking lots of banks,” Clinton said during her Democratic National Convention speech last month on the hoops potential entrepreneurs must jump through to obtain financing.

“In America, if you can dream it, you should be able to build it,” Clinton added when accepting the nomination.

Clinton‘s campaign said she also wants to guarantee that small businesses with questions about U.S. government regulations receive an answer within 24 hours.

Clinton‘s running mate, U.S. Senator Tim Kaine, will discuss the new proposals during a Tuesday roundtable with small business owners in Colorado, a battleground state. Clinton plans to hold a Tuesday afternoon conference call for small business owners.

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