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Democratic presidential nominee Joe Biden will visit the battleground state of Michigan today, where he will outline new proposals to tax companies that move US jobs overseas and offer incentives for companies to invest in domestic operations.
Joseph Ax reports for Reuters that in a visit to the Detroit suburb of Warren, Biden will propose an “offshoring tax penalty” on profits from products made overseas and sold in the United States, according to a Biden adviser. Biden, who has already proposed raising the corporate tax rate from 21% to 28%, would impose a 30.8% rate on such profits.
Good morning. Here’s our live coverage of the day’s US politics and the latest on the coronavirus crisis. Here’s a quick catch-up on where we stand, and a bit on what we can expect today.