Biden Offshore Tax Plan Unlikely to Renew Rust Belt Factories
- Plan would tax companies for stashing profits in tax havens
- New factories might employ robots rather than people
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Democratic presidential nominee Joe Biden’s plan to curb corporate offshoring and to renew domestic manufacturing may block companies from parking profits in tax havens, but may not do enough to make shuttered factories hum again.
Biden’s proposal uses a carrot-and-stick approach that raises taxes on a corporation’s foreign profits but rewards companies with tax incentives for moving jobs and investment back to the U.S.