Washington, Sept 10: Democratic presidential candidate Joe Biden on Wednesday announced a new 10 percent credit for US companies that invest further in the economy.
“I am announcing a 10 percent tax credit for companies that invest in America,” Biden said at a rally in Michigan. “If you retool a manufacturing facility, we will make sure it is more than affordable for you.”
Biden also pledged to scrap every tax loophole for the rich that Trump created in his 2017 tax reforms plan and pledged to set up a new office in the White House to ensure that the federal government only bought Made in America goods to boost the domestic industrial base.
“The idea is simple: The United States Government spends $600 billion on federal contracts annually. Agencies of the federal government can waive the requirement. [But] we are going to change that. In my first week in office I will sign a series of executive actions to make sure we buy American starting by closing those waiver loopholes,” he said.
Biden also promised to use the full power of the Defense Production Act to make sure federal agencies and armed forces bought US-produced goods. He said he would also convert the entire fleet of US government vehicles into electric-powered ones so the US auto industry would lead the world in clear energy vehicles creating a million new jobs.
(AGENCIES)
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