I would propose increased taxes on the wealthy and not necessarily increase corporate taxes (but change them where companies can't "avoid" them as much). More analysis needed on impact to deficit etc. but the focus on reinvesting in US will resonate.
This seems a step back from the race to globalism and acknowledging we have to catch up, play defense against China.
I hope he truly has a strategic plan (e.g. long term and with support from partners) to act against/apply pressure on China economically, technologically and politically.
https://www.cnbc.com/2020/07/09/bide...omic-plan.html
Quote:
The message Biden laid out in opening remarks echoes ideas from progressive Democrats, who have pushed behind the scenes for Biden to use this historic moment to rewrite the rules with drastically wider social safety nets and higher taxes on the wealthy.
The policies themselves were not starkly different from those that Biden had previously outlined, though. He echoed his call for Amazon to pay income taxes. He said he would raise the U.S. corporate tax rate to 28% from the current 21%, just as he did previously. He also again pushed for a $15 an hour federal minimum wage.
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Biden earlier in the day rolled out a $700 billion manufacturing and innovation plan that reflects a coronavirus America. The large price tag shows how big of a gap he believes there is to fill. Its focus on U.S.-made products reflects a country even more unnerved by the country’s dependency on China, as its supply chains have been threatened by the global health crisis.
That dependency has also been a battle cry for Trump.
“Let’s use this opportunity to make bold investments in American industry and innovation so the future is Made In America — and in all of America,” Biden said.
His plan includes $400 billion to invest in products and materials the U.S. needs. It will offer a tax credit to companies that renovate or revive their facilities.
Biden is also pledging a $300 billion investment in research and development in technologies spanning electric cars to 5G.
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