That's a good question.
It's still a little too soon to say, partly because, as those of you who work with tax legislation know, the devil is in the details. There's no legislation yet; there's only a concept, so it's a little hard to say.
I think the effect would fall largely on American multinational companies that have already offshored their production. I think in the end there might be incentives for them to reshore, to come back here. I don't see a large impact on non-American multinationals.
One of the criticisms of his proposal, which I have not analyzed myself, is that it may have the effect of encouraging corporate inversions, which is what President Trump's tax bill attempted to stop, and actually did stop fairly effectively. It had other negative effects, but it stopped inversions. There's some feeling the Biden proposal may be a step backwards in that respect.
I don't see a major impact on non-U.S. multinational companies, though.