Comparing Trump’s and Biden’s Policies that Support Rebuilding American

For those of us who support the Made in America/Buy American movement and want to rebuild American manufacturing by returning manufacturing to America through reshoring from China, it’s important to consider the policies of President Trump and former V.P. Biden in their bid to be president.

Two policies, tax rates and the cost and availability of energy, have a major effect on where a company chooses to locate their manufacturing or headquarters, if they have multiple plants globally. If the corporation has a plant in a country with a lower tax rate, they may choose to shift their profits to the subsidiary in that country. Bulgaria and the Czech Republic at 10% and Ireland at 12.5% have the lowest corporate tax rates in Europe. American manufacturers that don’t have plants in other countries face the brunt of the tax burden. Personal tax rates are also important as only 30-35% of manufacturers are C corporations; the others are LLCs, partnerships or sole proprietorships where taxes are passed through to the owner(s).

Taxes

Biden’s Tax Policies:

  • Raise the corporate tax rate to 28%.
  • Require a true minimum tax of 21% on ALL foreign earnings of United States companies located overseas (double the current rate).
  • Impose a tax penalty on corporations that ship jobs overseas in order to sell products back to America.
  • Impose a 15% minimum tax on book income so that no corporation gets away with paying no taxes.
  • Raise the top individual income rate back to 39.6%.
  • Require those making more than $1 million to pay the same rate on investment income that they do on their wages.

Trump’s Tax Policies:

  • The U.S. had a corporate tax rate ranging from a low of 15% to a high of 35% until the Tax Cuts and Jobs Act (TCJA) was passed by Congress on December 20, 2017, which reduced the corporate tax rate to flat tax of 21%. TCJA also cut capital gains tax to 15 percent and increased the estate tax basic exemption amount from $5 million to $10 million.

President Trump’s tax policy platform for re-election focuses largely on promoting and preserving the tax cuts of TCJA and making various tax rate reductions scheduled to expire in 2025 permanent. Before the Republican convention, his campaign released his agenda, which included:

  • Cutting taxes “to boost take-home pay and keep jobs in America”
  • Enacting “Made in America” tax credits
  • Expanding opportunity zones
  • Enacting new tax credits “for companies that bring back jobs from China
  • Permitting 100% expensing “for essential industries like pharmaceuticals and robotics that bring their manufacturing back to the United States.”

Energy

Biden’s Energy Policies:

Biden’s campaign website.states that he plans to “Move ambitiously to generate clean, American-made electricity to achieve a carbon pollution-free power sector by 2035. This will enable us to meet the existential threat of climate change while creating millions of jobs…”

His plan is for America to achieve a 100% clean energy target by means of:

  • advanced nuclear reactors, that are smaller, safer, and more efficient at half the construction cost of today’s reactors;
  • refrigeration and air conditioning using refrigerants with no global warming potential;
  • using renewables to produce carbon-free hydrogen at a lower cost than hydrogen from shale gas through innovation in technologies like next generation electrolyzers;
  • decarbonizing industrial heat needed to make steel, concrete, and chemicals and reimagining carbon-neutral construction materials
  • leveraging research in soil management, plant biologies, and agricultural techniques to remove carbon dioxide from the air and store it in the ground; and
  • capturing carbon dioxide through direct air capture systems and retrofits to existing industrial and power plant exhausts, followed by permanently sequestering it deep underground or using it to make alternative products like cement.”

Trump’s Energy Policies:

  • Since he took office, President Trump has rolled back hundreds of environmental protections, including limits on carbon dioxide emissions from power plants and vehicles, and protections for federal waterways across the country, fulfilling a campaign promise from 2016.
  • On June 1, 2017, Trump announced the U.S. withdrawal from the Paris Climate Agreement, saying the deal disadvantaged the US “to the exclusive benefit of other countries.”
  • His administration approved oil and gas drilling in Alaska’s Arctic National Wildlife Refuge, which has been off-limits for drilling for decades.
  • President Trump supports development of all forms of energy without subsidies, including product of natural gas through fracking

Trade/Tariffs

Biden’s Trade/Tariffs Policies

  • Take aggressive trade enforcement actions against China or any other country seeking to undercut American manufacturing through unfair practices, including currency manipulation, anti-competitive dumping, state-owned company abuses, or unfair subsidies.
  • Rally our allies in a coordinated effort to pressure the Chinese government and other trade abusers to follow the rules and hold them to account when they do not.
  • Confront foreign efforts to steal American intellectual property.
  • Address state-sponsored cyber espionage against American companies.
  • Apply a carbon adjustment fee against countries that are failing to meet their climate and environmental obligations to make sure that they are forced to internalize the environmental costs they’re now imposing on the rest of the world.

Trump’s Trade/Tariffs Policies:

  • On January 23, 2017, Trump signed an order to withdraw from further negotiations on the Trans-Pacific Partnership.
  • On September 2, 2017, Trump instructed aides to withdraw from the U.S. trade agreement with South Korea and later renegotiated a better trade agreement.
  • On August 16, 2017, the Trump administration began renegotiating NAFTA with Canada and Mexico. NAFTA was replaced with the new United States–Mexico–Canada Agreement (USMCA), signed on November 30, 2018.
  • On January 22, 2018, Trump imposed tariffs and quotas on imported solar panels and washing machines.
  • On March 1, 2018, he announced a 25% tariff on steel imports and a 10% tariff on aluminum.
  • On April 3, 2018, Trump announced 25% tariffs on $50 billion in Chinese imported electronics, aerospace, and machinery.
  • On April 6, 2018, Trump announced tariffs on $100 billion more of Chinese imports.
  • On October 7, 2019 the United States and Japan signed two agreements intended to liberalize bilateral trade. The U.S.- Japan Trade Agreement (USJTA) provides for limited tariff reductions and quota expansions to improve market access.
  • On January 15, 2020, President Trump and Vice Premier Liu H of China the US–China Phase One trade deal in Washington DC.

Buy American/Made in America

Biden’s Buy American/Made in America Policies:

  • Make a $400 billion Procurement Investment in American products, materials, and services and ensure that they are shipped on U.S.-flagged cargo carriers.
  • Retool and Revitalize American Manufacturers, with a particular focus on smaller manufacturers and those owned by women and people of color, through specific incentives, additional resources, and new financing tools.
  • Make a New $300 Billion Investment in Research and Development (R&D) and Breakthrough Technologies
  • Bring Back Critical Supply Chains to America so we aren’t dependent on China or any other country for the production of critical goods in a crisis.
  • Tighten domestic content rules to require more legitimate American content
  • Crack down on waivers to Buy American requirements by federal Agencies
  • End false advertising by companies that label products as Made in America even if they’re coming from China or elsewhere
  • Strengthen and enforce Buy America provisions
  • Update international trade rules and associated domestic regulations for Buy American

Trump’s Buy American/Made in America Policies:

Trump’s campaign slogan revolves around continuing his promise to Make America Great Again. One of the ways is to rebuild American manufacturing and create higher paying jobs. He uses protectionism to defend U.S. industries from foreign competition. According to the National Association of Manufacturers (NAM), the U.S. manufacturing sector, added about 450,000 workers during the first three years of Trump’s presidency before the pandemic. Here are some of the actions he has taken as President.

President Trump’s campaign website also lists the following goals for his next term:

  • Reduce U.S. dependence on Chinese manufacturing and bring back 1 Million Manufacturing Jobs from China
  • No Federal Contracts for Companies who Outsource to China
  • Grant tax credits to companies that move manufacturing back to United States; tariffs on those that don’t.

Remember that actions speak louder than words, so be sure to compare what a candidate has done and not just what they promise to do in their campaign platform. Be sure to vote. The future of our country is at stake.

Can you pass the U.S. Citizenship Test? Most American Can’t!

President Trump Invites The Made in America Movement to the White House

Carrier Plant Will Keep Jobs in U.S.A

From the earliest days of his campaign, Donald J. Trump made keeping manufacturing jobs in the United States his signature economic issue, and the decision by Carrier, the big air-conditioner company, to move over 2,000 of them from Indiana to Mexico was a tailor-made talking point for him on the stump. Read more

Trump Supporters Anxious For Jobs To Come Back To USA

By the time the Chicago Cubs won the World Series for the first time in 108 years this month, Paul Roell was already asleep. He did not stay up to see Barack Obama win the presidency in 2008, or watch in 2000 as the margin of votes separating George W. Bush and Al Gore in Florida shrank to the vanishing point. Read more

Trump: Here Is What He Wants To Do In His First 100 Day

At the end of October, Donald Trump spoke in Gettysburg, Pa., and released a plan for his first 100 days in office. Read more

Trump Profits From Same Foreign Labor Killing U.S. Jobs

Donald Trump wanted to market a line of men’s clothing that would bear his name. Read more

TPP Trade Deal Being Sold With Bogus Economic Models

The Trans-Pacific Partnership Trade deal is terrible even apart from its quantifiable economic effects, as it threatens our environment, our health, our democracy, our sovereignty, our security and many other things. But it is also a lousy deal on the pure economics, which is why it is currently being sold to the American people and Congress using bogus economic analysis. Read more

China Abuses WTO Rules to Control Foreign Tech Firms

The Chinese Communist Party has created a new law that allows it to selectively ban foreign imports while propping up its own companies. The new law uses a loophole in world trade, and could push U.S. technology companies out of China. Read more

Economy Picking Up Steam. Most Americans Not Feeling It

The U.S. economy is picking up steam but most Americans aren’t feeling it. By contrast, most European economies are still in bad shape, but most Europeans are doing relatively well.

Read more

Why I, a Former GOP Senator, Will Vote for Obama

Picture

By Larry Pressler
October  9, 2012

As a combat veteran of two tours in Vietnam with twenty-two years of service as a Republican member of the U.S. House and Senate, I endorse President Barack Obama for a second term as our Commander-in-Chief. Candidates publicly praise our service members, veterans and their families, but President Obama supports them in word and deed, anywhere and every time.

As a Vietnam vet, one of the reasons I support President Obama is because he has consistently shown he understands that our commitment to our servicemen and women may begin when they put on their uniform, but that it must never end.

This decision is not easy for any lifelong Republican. In 2008 I voted for Barack Obama, the first time I ever voted for a Democrat, because the Republican Party was drifting toward a dangerous path that put extreme party ideology above national interest. Mitt Romney heads a party remaining on that dangerous path, proving the emptiness of their praise as they abandon our service members, veterans and military families along the way.

What really set me off was Romney’s reference to 47% of Americans to be written off – including any veteran collecting disability like myself, as a post-traumatic stress disorder (PTSD) veteran.

Behind closed doors with his donors, Romney made clear he’d write off half of America – including service members and veterans – because, as he said “I’ll never convince them they should take personal responsibility for their lives.” But there’s no greater personal responsibility than to wear your country’s uniform and defend the rights we all enjoy as Americans. We don’t sow division between “us” versus “them.” The Commander-in-Chief sets the bar for all to follow and fight for the entire country. Mitt Romney fails that test. As a veteran I feel written off.

Just as revealing is what Romney actually says publicly. As a former Foreign Service Officer, I find it offensive that Romney, Congressman Paul Ryan and their Republican Party are politicizing the death of Ambassador Chris Stevens and three other brave Americans who lost their lives in Libya. Being Commander-in-Chief requires a resolve and steadiness that’s immune to politics and fear mongering. Mitt Romney fails that test.

And along with high-profile Republican surrogates, Romney and Ryan are pandering to election-year politics rather than focusing on pending cuts to military spending. Strategy should drive our military priorities, not party purity.

We are a nation at war – the longest war in our nation’s history – and we must remember the sacrifice that so many have given for the protection of our country and our values. That’s why it’s so surprising that Republican nominee Mitt Romney has given five speeches on foreign policy – and will be giving another one today – and has yet to outline any plan to end the war in Afghanistan or bring our troops home. That’s unacceptable for anyone running to be Commander-in-Chief.

President Obama ended one war, is ending another and meeting our national security needs with support of our military leaders. He’s laid out a clear plan that would reduce the deficit and prevent the mandatory military spending cuts that no one wants. But today’s Republican Party, including Ryan who voted for the deal that would trigger the cuts, is willing to bring our country’s defenses to the fiscal cliff – just so a multimillionaire doesn’t have to pay a single extra penny in taxes. And the real lack of leadership? Failing to own up to your role in racking up a record debt from two unpaid wars and two massive unpaid for tax cuts. Mitt Romney leads the party that fails this leadership test.

And as former member of the U.S. Senate Budget Committee, the Senate Finance Committee and Chairman of the then Commerce Committee, I came to know the federal budget in detail. I’m disappointed that just as our troops are returning home after a decade of war, Romney and Ryan might gut by up to 20 percent investments in the Department of Veterans Affairs – and even suggest privatizing the veterans’ health care. Again, they would short change our national security and the education, health care and employment benefits our veterans have earned and deserve just to cut taxes for the wealthiest Americans.

Let’s be clear, Romney and Ryan would be disastrous for America’s service members, veterans and military families. Public praise rings hollow when you fail to mention an ongoing war in accepting your party’s nomination to be president, or veterans in a speech to the Veterans of Foreign Wars, a so-called jobs plan or in a budget that should be a blue print of our nation’s values.

Meanwhile President Obama recognizes our sacred trust with those who serve starts when they take their oath and never ends. He’s enacted tax credits to spur businesses to hire unemployed veterans and wounded warriors. He implemented and improved the post-9/11 GI Bill, the largest investment in veterans education since the original GI Bill over sixty years ago. He’s proposing a Veterans Jobs Corps that would put returning service members to work as police officers, firefighters and first responders. As part of his achievable plan to keep moving our country forward, the President would use half the savings from ending the wars in Iraq and Afghanistan to help pay down our debt and invest in nation building here at home, putting Americans back to work – including our veterans – fixing our roadways and runways, bridges and schools.

And something that hits close to home, President Obama also secured the largest increase in VA investments in decades so our veterans get the care and benefits they earned, like treatment for PTSD and traumatic brain injury. As someone with service-related PTSD, I meet with younger veterans weekly to help them through the treatment and transition to a productive civilian life. It makes a difference for them knowing their President has their back.

That’s the difference in this election. In word and deed anywhere and every time, President Obama never forgets that standing by those who serve is the heart, soul and core value of this country. As a life-long Republican, I stand by him as he stands by all of us, putting national allegiance ahead of party affiliation. I endorse President Obama for reelection in 2012.

BEGIN YOUR COMMENT BELOW