While speaking to a crowd in Davenport, Iowa, on Wednesday, Vice President Biden said the Obama administration wants to create a “global minimum tax.”
“So, folks…don’t tell me that America can’t make things anymore; can’t compete in the world market anymore; can’t lead the world again any more. We will lead the world again in every aspect of the economy,” the Vice President said.
He continued [emphasis added]:
And, folks, we’ve already begun. You’ve begun — not me — you’ve begun, and we’re not done. For years, American manufacturers have faced one of the highest tax rates in the world. We want to reduce that by over 20 percent.
We want to drop the rate particularly for high-tech manufacturers like you, Mr. President, even further than the 20 percent. We want to create what’s called a global minimum tax, because American taxpayers shouldn’t be providing a larger subsidy for investing abroad than investing at home.
Watch the Vice President’s comments via CSPAN:
“Look, we want to end and we want to end it right now, the practice of getting a tax break, which you saw happen here in Iowa for dismantling a factory, floor to ceiling, and shipping it abroad and getting a moving expense to go abroad,” the Vice President said.
“Instead, we should be giving a tax credit to companies that dismantle factories abroad and bring them back home,” he added.
This story has been updated.