MADE IN AMERICA!
Sept. 10, 2020, 6:29 PM PDT
By Dartunorro Clark
WASHINGTON — Ahead of former Vice President Joe Biden’s “Made in America” speech in Michigan Wednesday, his campaign released part of a wide-ranging economic manufacturing plan that pulls from previous proposals and adds new ones that specifically address the offshoring of jobs.
The proposals aim to promote “Made in America” products by establishing a new offshoring tax code, rewarding companies for manufacturing in the U.S. and ending loopholes the Biden-Harris camp says were set by President Trump's administration.
The plan punishes American companies that produce products overseas by adding a 28 percent corporate tax rate and an additional 10 percent “offshoring penalty surtax” totaling a 30.8 percent tax rate on profits. To incentivize “Made in America” production, the administration would give companies a 10 percent tax credit on a number of investments like revitalizing closed factories and expanding payrolls.
"President Trump talks and talks — but he has failed to deliver results for American workers," the plan reads. "That ends under the Biden-Harris administration."
Biden also promises to sign new executive actions during his first week as president that ensure that the federal government uses taxpayer dollars to only buy American products and support supply chains in the nation.
The plan comes after Biden said in a Wilmington, Del. speech Friday that he will continue to draw more explicit contrasts between his vision and Trump’s on numerous issues and this is the first policy decision in which he does that.
For months Biden has tried to bring Trump’s economic record to light by challenging it with new proposals as the president continues to lead on the issue in some battleground states like Michigan and Florida with two months to go until Election Day.
Sept. 10, 2020, 6:29 PM PDT
By Dartunorro Clark
WASHINGTON — Ahead of former Vice President Joe Biden’s “Made in America” speech in Michigan Wednesday, his campaign released part of a wide-ranging economic manufacturing plan that pulls from previous proposals and adds new ones that specifically address the offshoring of jobs.
The proposals aim to promote “Made in America” products by establishing a new offshoring tax code, rewarding companies for manufacturing in the U.S. and ending loopholes the Biden-Harris camp says were set by President Trump's administration.
The plan punishes American companies that produce products overseas by adding a 28 percent corporate tax rate and an additional 10 percent “offshoring penalty surtax” totaling a 30.8 percent tax rate on profits. To incentivize “Made in America” production, the administration would give companies a 10 percent tax credit on a number of investments like revitalizing closed factories and expanding payrolls.
"President Trump talks and talks — but he has failed to deliver results for American workers," the plan reads. "That ends under the Biden-Harris administration."
Biden also promises to sign new executive actions during his first week as president that ensure that the federal government uses taxpayer dollars to only buy American products and support supply chains in the nation.
The plan comes after Biden said in a Wilmington, Del. speech Friday that he will continue to draw more explicit contrasts between his vision and Trump’s on numerous issues and this is the first policy decision in which he does that.
For months Biden has tried to bring Trump’s economic record to light by challenging it with new proposals as the president continues to lead on the issue in some battleground states like Michigan and Florida with two months to go until Election Day.
