Former Vice President Joe Biden on Wednesday proposed a new offshoring tax penalty, which would establish a 28% corporate tax rate, plus a 10% "offshoring penalty surtax," on profits of any production by a U.S. company overseas for sales back to the U.S., according to a campaign email. The current tax rate on such profits is 30.8%. He's also proposing a 10% tax credit for companies making investments to create jobs for American workers, such as by revitalizing existing closed or closing facilities. He's also proposing a 21% minimum tax on all foreign earnings. Biden currently enjoys a polling advantage versus U.S. President Donald Trump, though betting markets have Biden with only a small lead.
Sept. 9, 2020, 6:18 a.m. EDT