Clinton Launches ‘Insourcing’ Agenda for U.S. Economy

Hillary Clinton launched a new economic agenda today in Philadelphia, offering domestic policies designed to combat outsourcing.

Clinton proposed an increase of the Research and Development tax credit from 20% to 30% and a 40% credit for “basic research.” Those credits would “reward high-wage job growth in the U.S. and help make U.S. manufacturers and research companies more globally competitive,” the Clinton campaign said.

Clinton also proposed up to $500 million per year of grants that would match state and local funds for the construction of research parks, creating “innovation and research clusters” similar to Silicon Valley and other research hubs. Clinton’s campaign said the New York senator would facilitate the creation of 15 new research clusters in her first term.

The “insourcing” plan also includes:

• a $5 billion “Insourcing Markets Tax Credit,” which community development groups would use to bring new businesses to areas impacted by outsourcing
• $500 million annual investment in manufacturers who make clean energy technologies
• reforms to the “deferral” system, where companies with overseas assets defer U.S. taxes on profits