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Biden Plan Sets Tax Penalties for Offshore Profits

Proposal would close what the Biden campaign calls “loopholes” in Trump tax law, with goal of encouraging businesses to bring operations back to the United States.

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Democratic presidential nominee Joe Biden is proposing a 10 percent tax penalty on companies that move operations overseas and a 10 percent tax credit for companies that create jobs in the United States in a policy rollout Wednesday.

Biden, who is launching a renewed focus on economic issues with a speech in Michigan on Wednesday, will also promise to reverse Trump administration policies that his campaign said amount to “loopholes” that allow offshoring to take place.

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