Democratic presidential nominee Joe Biden is expected to unveil a new push to fight offshoring through a combination of incentives and penalties.
Biden’s bid, which his adviser said he will announce as he visits the battleground state of Michigan, is to include a proposal to tax companies that offshore and to offer incentives for them to invest in operations in America. His adviser said Biden will, during his visit to the Detroit suburb of Warren on Wednesday, pitch an “offshoring tax penalty” on profits from products made overseas and sold in the United States. Having already floated the idea of increasing the corporate tax rate from 21 percent to 28 percent, Biden’s new plan would tax profits from offshore operations at a rate of 30.8 percent.
