Bloomberg Tax
Sept. 9, 2020, 3:16 PM

Biden Plan Sets Tax Penalties for Companies’ Offshore Profits

Jennifer Epstein
Jennifer Epstein
Bloomberg News

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

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

The former vice president will also pledge to take executive action during his first week in office to direct the federal government to buy American goods and ...