Democratic presidential candidate Joe Biden called Wednesday for higher taxes on U.S. companies’ foreign income and special tax breaks for domestic manufacturing, appealing to blue-collar workers during a trip to Michigan. The plan, which comes on top of corporate tax increases he had previously proposed, would reverse many of the changes in the 2017 tax law signed by President Trump. Mr. Biden would impose a new surtax on U.S. companies that make products overseas and sell back into the U.S. He would also raise the minimum taxes on U.S. companies’ foreign income and offer a 10% tax credit for certain investments in domestic production. He also said that as president, he would sign executive orders to strengthen rules for using American products in federal contracting.

Source: Wall Street Journal September 09, 2020 15:30 UTC