Biden Proposes Offshoring Tax Penalty in Michigan Speech

With his audience of union leadership and journalists socially distanced to reduce the risk posed by coronavirus, Democratic presidential nominee and former Vice President Joe Biden delivers remarks in the parking lot outside the United Auto Workers Region 1 offices in Warren, Mich., on Sept. 9, 2020. Chip Somodevilla/Getty Images

Former Vice President Joe Biden proposed an offshoring tax penalty and a reshoring tax credit during a speech in Michigan on Sept. 9.

“We’re going to impose a tax penalty on companies that avoid paying U.S. taxes by offshoring jobs and manufacturing only to sell those good back to the American consumer,” Biden said.