Biden To Offer Plan To Fight Offshoring in Key Battleground of Michigan
Democratic presidential nominee Joe Biden will visit the battleground state of Michigan on Wednesday, where he will outline new proposals to tax companies that move U.S. jobs overseas and offer incentives for companies…
Democratic presidential nominee Joe Biden will visit the battleground state of Michigan on Wednesday, where he will outline new proposals to tax companies that move U.S. jobs overseas and offer incentives for companies to invest in domestic operations.
Biden and his rival, President Donald Trump, are ramping up their campaign travel with only eight weeks before the Nov. 3 election.
In a visit to the Detroit suburb of Warren, Biden will propose an “offshoring tax penalty” on profits from products made overseas and sold in the United States, according to a Biden adviser. Biden, who has already proposed raising the corporate tax rate from 21% to 28%, would impose a 30.8% rate on such profits.
Biden’s plan envisions a companion 10% tax credit for companies that reopen closed or closing facilities, bringing back offshored jobs or expanding manufacturing payroll, among other domestic investments.
While those measures would require congressional approval, Biden will also detail several executive orders he would take as president to ensure the government purchases primarily American-made goods and materials.
The remarks are the latest effort from Biden to emphasize economic issues. Though Biden has led Trump in virtually every national poll for months, the surveys suggest the economy still could prove a relative strength for Trump despite the downturn wrought by the coronavirus pandemic.
The latest Reuters/Ipsos poll, released on Wednesday, gave Biden a lead of 12 percentage points among likely voters, but the two candidates were dead even on the economy at 45% each.
In recent months, Biden has unveiled a sweeping economic recovery agenda he calls “Build Back Better,” while also attacking Trump for how the president has responded both to the COVID-19 outbreak and the anti-racism demonstrations gripping many major U.S. cities.
Biden’s plan calls for a multitrillion-dollar investment in manufacturing, infrastructure, environmental advances and caregiving, and he has argued that Trump has focused on corporate welfare and tax cuts for the wealthy instead of aiding working families.