Biden Plan Sets Tax Penalties for Companies’ Offshore Profits
- Proposal has tax credit for companies that create jobs in U.S.
- Biden is narrowing Trump’s advantage on economy in polls
Joe Biden speaks during a campaign event in Wilmington, Delaware, on Sept. 4.
Photographer: Alex Wong/Getty Images
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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.