25.09.2020. USA plans to tax companies offshore profits

Company News

Joe Biden, USA politician, Democratic president candidate, has proposed offshore profits adds to a previously announced plan to require corporations to pay a minimum 15% tax on their domestic profits. The combination would greatly inhibit companies’ ability to shift income and tax breaks between countries to avoid paying levies in the U.S. and abroad.
Joe Biden is also proposing a 10% “Made in America” tax credit for companies that create jobs for USA workers and accelerate the USA economic recovery. It will be available for revitalizing closed or nearly closed facilities, retooling or expanding facilities, and bringing production or service jobs back to the USA and creating USA jobs. It will also apply when a company is increasing manufacturing wages above the pre-Covid baseline for jobs paying up to 100,000 USD.