Biden Plan Sets Tax Penalties for Companies' Offshore Profits

(Bloomberg) -- Democratic presidential nominee Joe Biden is proposing a 10% tax penalty on companies that move operations overseas and a 10% tax credit for companies that create jobs in the U.S. in a policy rollout Wednesday.

Biden, who is launching a renewed focus on economic issues with a speech in Michigan on Wednesday, also will promise to reverse Trump administration policies that his campaign said amount to “loopholes” that allow offshoring to take place.

The former vice president will also pledge to take executive action during his first week in office to direct the federal government to buy American goods and support American supply chains in their procurement processes, his campaign said.

Biden’s proposals echo President Donald Trump’s 2016 campaign push to focus on reviving manufacturing in the U.S. and creating more U.S. jobs. Trump’s 2017 tax law was his signature legislative achievement. But the economic strength he planned to run on for re-election collapsed tn the spring when the coronavirus began to cause shutdowns across the country.

https://www.msn.com/en-us/news/politics/biden-plan-sets-tax-penalties-for-companies-offshore-profits/ar-BB18QO32?li=BBnb7Kz&ocid=DELLDHP