Biden Proposes Tax Change That would Penalize American Business in Favor of Chinese Business

[JimBowie1958]

Biden serves China, as they b ought him for $4 Billion in 'investments' to Bidens son Hunter, and the Media Totally Ignores it ALL.

Biden's Offshoring Rule Aligns with China's Predatory Trade Policy

Biden's new tax proposal will not create American jobs but it will help China pursue its predatory trade policies. | Economy

www.breitbart.com

If a company based in the U.S. has a subsidiary in another country, and that foreign subsidiary sells its products or services to U.S. customers, the 10 percent surtax would apply. For a business facing Biden’s proposed 28 percent corporate tax rate, the additional surtax would result in a 30.8 percent tax rate. ​

​

That sounds like a tariff—but with an anti-U.S. twist. A regular trade tariff would apply to goods and services sold into the U.S. by anyone, whether they were a foreign or domestic manufacturer. Biden’s offshoring surtax, however, applies only to U.S. companies importing goods or services from their own affiliates.​

​

This would seem to exempt Apple’s iPhone because it is manufactured by Taiwan’s Foxconn, a third-party contractor rather than a subsidiary of Apple.​

​

The effect of the tax would be to penalize companies for doing their own manufacturing abroad—and reward those with arrangements with foreign manufacturers. The result would be that many U.S. manufacturers would avoid the tax by moving production to foreign contractors. Similarly, although the Biden campaign says the tax would apply to call centers and other services performed abroad for the U.S. market, many of these would simply migrate into outside contractors.​

​

This would be a boon to China. The Trump administration has been pressuring China into dropping its requirement that U.S. businesses manufacturing products in China do so either through Chinese companies or with joint-ventures controlled by Chinese partners. Biden’s policy would cement this predatory trade preference into U.S. tax law. Instead of resisting joint ventures and contractor requirements, U.S. companies would seek them out to avoid the offshoring tax penalty.​

​

In short, Biden is proposing to put U.S. tax policy into alignement with China’s trade policy.​

 

[Winco]

FAKE news.

 

[JakeStarkey]

The OP is fake nonsense.

 

[HenryBHough]

Denial.

It'll have to do for now.

"Rational" counter-argument will be along as soon as the directions arrive from Beijing.
Don't be so damned impatient!

 

[CrusaderFrank]

Biden serves China, as they b ought him for $4 Billion in 'investments' to Bidens son Hunter, and the Media Totally Ignores it ALL.

Biden's Offshoring Rule Aligns with China's Predatory Trade Policy

Biden's new tax proposal will not create American jobs but it will help China pursue its predatory trade policies. | Economy

www.breitbart.com

If a company based in the U.S. has a subsidiary in another country, and that foreign subsidiary sells its products or services to U.S. customers, the 10 percent surtax would apply. For a business facing Biden’s proposed 28 percent corporate tax rate, the additional surtax would result in a 30.8 percent tax rate. ​

​

That sounds like a tariff—but with an anti-U.S. twist. A regular trade tariff would apply to goods and services sold into the U.S. by anyone, whether they were a foreign or domestic manufacturer. Biden’s offshoring surtax, however, applies only to U.S. companies importing goods or services from their own affiliates.​

​

This would seem to exempt Apple’s iPhone because it is manufactured by Taiwan’s Foxconn, a third-party contractor rather than a subsidiary of Apple.​

​

The effect of the tax would be to penalize companies for doing their own manufacturing abroad—and reward those with arrangements with foreign manufacturers. The result would be that many U.S. manufacturers would avoid the tax by moving production to foreign contractors. Similarly, although the Biden campaign says the tax would apply to call centers and other services performed abroad for the U.S. market, many of these would simply migrate into outside contractors.​

​

This would be a boon to China. The Trump administration has been pressuring China into dropping its requirement that U.S. businesses manufacturing products in China do so either through Chinese companies or with joint-ventures controlled by Chinese partners. Biden’s policy would cement this predatory trade preference into U.S. tax law. Instead of resisting joint ventures and contractor requirements, U.S. companies would seek them out to avoid the offshoring tax penalty.​

​

In short, Biden is proposing to put U.S. tax policy into alignement with China’s trade policy.​

Make China Great Again! Biden/Covid 2020

Trump will DESTROY Biden in the debates

 

[candycorn]

Biden serves China, as they b ought him for $4 Billion in 'investments' to Bidens son Hunter, and the Media Totally Ignores it ALL.

Biden's Offshoring Rule Aligns with China's Predatory Trade Policy

Biden's new tax proposal will not create American jobs but it will help China pursue its predatory trade policies. | Economy

www.breitbart.com

If a company based in the U.S. has a subsidiary in another country, and that foreign subsidiary sells its products or services to U.S. customers, the 10 percent surtax would apply. For a business facing Biden’s proposed 28 percent corporate tax rate, the additional surtax would result in a 30.8 percent tax rate. ​

​

That sounds like a tariff—but with an anti-U.S. twist. A regular trade tariff would apply to goods and services sold into the U.S. by anyone, whether they were a foreign or domestic manufacturer. Biden’s offshoring surtax, however, applies only to U.S. companies importing goods or services from their own affiliates.​

​

This would seem to exempt Apple’s iPhone because it is manufactured by Taiwan’s Foxconn, a third-party contractor rather than a subsidiary of Apple.​

​

The effect of the tax would be to penalize companies for doing their own manufacturing abroad—and reward those with arrangements with foreign manufacturers. The result would be that many U.S. manufacturers would avoid the tax by moving production to foreign contractors. Similarly, although the Biden campaign says the tax would apply to call centers and other services performed abroad for the U.S. market, many of these would simply migrate into outside contractors.​

​

This would be a boon to China. The Trump administration has been pressuring China into dropping its requirement that U.S. businesses manufacturing products in China do so either through Chinese companies or with joint-ventures controlled by Chinese partners. Biden’s policy would cement this predatory trade preference into U.S. tax law. Instead of resisting joint ventures and contractor requirements, U.S. companies would seek them out to avoid the offshoring tax penalty.​

​

In short, Biden is proposing to put U.S. tax policy into alignement with China’s trade policy.​

Actually just the opposite is true.

His tax plan would credit items made in America and penalize those made in China. It's a more focused approach than blatant tariffs.

I haven't decided if I support the plan or not. But it is about 180 degrees opposite of your moronic OP.

 

[jc456]

Same old same old.

more evidence demofks hate Americans working

 

[CrusaderFrank]

The OP is fake nonsense.

^ World's leading Expert on Fake nonsense.

 

[RoshawnMarkwees]

Well, we don’t want to hurt China’s economy to our benefit because that would be xenophobic.

 

[JimBowie1958]

The Chiocoms can go to hell and take their lap dog Joe 'Hidin' Biden with them.

 

[CrusaderFrank]

Well, we don’t want to hurt China’s economy to our benefit because that would be xenophobic.

Hysterically xenophobic

 

[wamose]

You can't trust anything Biden says on taxes because there just isn't enough money in the world for all his stupid proposals. If Democrats take over, everyone's pocket will be picked clean. MAGA, live and let live.