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Biden announces new 'offshoring tax penalty' and minimum tax on foreign earnings
Biden announces new 'offshoring tax penalty' and minimum tax on foreign earnings
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.
https://finance.yahoo.com/m/7139d6f4-6997-34f4-a8af-a1e8f9b1ecc5/biden-announces-new.html?.tsrc=rss
Biden announces new 'offshoring tax penalty' and minimum tax on foreign earnings
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.
https://finance.yahoo.com/m/7139d6f4-6997-34f4-a8af-a1e8f9b1ecc5/biden-announces-new.html?.tsrc=rss
