News

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.

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
Exclusive discounts on ALM and Treasury & Risk events.
Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now

Dig Deeper

Accounting & Tax

Recommended Stories

Rep. Brady Floats Bill to Forgive Payroll Taxes Deferred Under Trump Order

Melanie Waddell | September 14, 2020

The bill provides a payroll tax holiday for all workers through year-end.

$211 Billion Payroll-Tax Lifeline Shifts Burden to 2021

Scott Moritz & Tom Contiliano | September 21, 2020

Covid relief programs shored up corporate cash flows when they needed it most, but may cause unintended consequences in years to come.

Major Companies Reject Trump’s Payroll Tax Deferral

Laura Davison & Steve Matthews | September 11, 2020

Complex administration of the tax deferral, and the prospect of having to double withholding from employee paychecks early next year, mean no major private businesses have taken advantage of the holiday.

Resource Center

Guide

Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
Exclusive discounts on ALM and Treasury & Risk events.
Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.