Democratic presidential nominee Joseph R. Biden on Wednesday proposed a new offshoring tax penalty as part of a plan to try to slow the exodus of U.S.-based jobs overseas.
Mr. Biden’s campaign said he would establish a 28% corporate tax rate, up from 21%, plus an additional surtax on profits U.S. companies earn overseas for selling products back to the United States.
The surtax will also apply to overseas call centers and services “where jobs could have been located in the United States,” according to his campaign.
His campaign also announced a 10% tax credit for companies that revitalize closing or closed facilities or bring production or overseas jobs back to the U.S.
Mr. Biden also plans to close the “Trump loophole” in the 2017 GOP tax law his campaign said has allowed U.S. companies that move operations overseas to skirt some taxes.
The former vice president also plans to take executive actions to codify “Buy American” provisions — an idea President Trump has championed, with mixed results.
Mr. Biden is set to outline the plan at an event in Michigan on Wednesday.
