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Yellen: Offshoring tax penalty would incentivize US companies to ‘create and maintain jobs at home’

Source: foxbusiness.com - Jan 22, 2021

President Biden's nominee for treasury secretary, Janet Yellen, said Thursday that the president's "offshoring tax penalty" would incentivize U.S. companies to "create and maintain jobs at home."

The tax penalty, which would establish a 28% corporate tax rate and 10% offshoring penalty tax on U.S. goods and services produced overseas, is part of Biden's "Made in All of America" plan to bring manufacturing jobs back to the U.S. and encourage purchases of U.S.-made products.

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Category: General Business