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.
“The president’s objective is to create incentives for American companies to create and maintain jobs at home,” Yellen, the former chair of the Federal Reserve, said in her written responses to the Senate Finance Committee where she was unanimously approved. She is expected to be confirmed by the full Senate as Treasury Secretary on Monday January 25, 2021.