WASHINGTON — On Wednesday, Vice President Kamala Harris is set to announce a tax relief proposal aimed at helping new entrepreneurs alleviate the financial burden of launching a small business.

If elected, Harris aims to raise the small business tax deduction from $5,000 to $50,000 for startups, according to a campaign advisor for the Democratic candidate.

The advisor did not disclose the funding strategy for this proposal, which Harris will detail during her trip to New Hampshire.

The campaign states that this increase is designed to cover the average startup cost of around $40,000, allowing filers to defer claiming all or part of the deduction until they begin to earn profits, thus alleviating their tax liabilities.

Additionally, she will introduce a small business expansion fund. This fund aims to support community banks and Community Development Financial Institutions by offering interest compensation and encouraging investments in underserved communities.

Some of the initiatives in Harris’ small business strategy would necessitate congressional approval, while others are goals she plans to pursue. These goals include achieving 25 million new small business applications over the next four years and striving to enhance contracting opportunities for small businesses in rural and underserved regions.

The fundamental elements of her proposals include a commitment to establish a standard deduction for small businesses. Harris also plans to lower obstacles for obtaining occupational licenses, facilitating seamless operations for businesses across state lines, as noted by her campaign.

Harris has positioned herself as a centrist, countering the narrative from Republican nominee Donald Trump, who asserts she would govern as a liberal. In a previous economic address, she pledged to prohibit price gouging of food and groceries, limit insulin prices to $35 per month, offer a $6,000 tax credit for new parents, and provide first-time homebuyers with a $25,000 credit.

Many of her recent proposals align with perspectives commonly advocated by economic conservatives. Her campaign has indicated that she will seek to encourage state and local governments to streamline regulatory processes and cut government red tape.