A Wisconsin senator is looking to help small business owners and entrepreneurs.
Senator Tammy Baldwin, along with Nevada Senator Jacky Rosen and New Hampshire Senator Jeanne Shaheen, has introduced the Tax Relief for New Businesses Act.
The trio says the measure will “provide a tax break to entrepreneurs looking to start a small business and reduce barriers for startups.”
Specifically, the bill would increase the startup tax deduction from $5,000 to $50,000 and allow businesses to write off more expenses to compensate for the increasing cost of starting a business.
Currently, small business owners can only deduct up to $5,000 in startup costs in the first year, yet a recent survey found that they spend an average of $40,000 to get their businesses off the ground.
Sen. Baldwin called small businesses and their owners “the backbones of our local communities and our economy” and said that “Our tax code should incentivize entrepreneurs and support small businesses – not rig the system for the biggest corporations.”
The measure is also co-sponsored by seven other Democrat Senators from around the country.
