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As President Joe Biden prepares to propose a $2 trillion infrastructure plan, former President Donald Trump is warning that the “radical” tax hike will hurt American workers and be a “massive giveaway to China.”
“This tax hike is a classic globalist betrayal by Joe Biden and his friends: the lobbyists will win, the special interests will win, China will win, the Washington politicians and government bureaucrats will win — but hardworking American families will lose,” Trump said in a statement released Wednesday.
Biden’s proposal, which he is expected to unveil Wednesday, suggests raising the corporate tax rate, which was lowered by Trump’s Tax Cuts and Jobs Act in 2017, from 21 percent to 28 percent.
Not only will the plan “crush American workers and decimate U.S. manufacturing,” but Trump said it gives “special tax privileges to outsourcers, foreign and giant multinational corporations.”
He also criticized Biden’s plan for its potential impact on American workers.
“Under Biden’s plan, if you create jobs in America, and hire American workers, you will pay MORE in taxes — but if you close down your factories in Ohio and Michigan, fire U.S. workers, and move all your production to Beijing and Shanghai, you will pay LESS,” Trump explained. “It is the exact OPPOSITE of putting America First — it is putting America LAST!”
Trump attacked Biden for pioneering the “cruel and heartless attack on the American Dream” and deemed it a “strategy for total economic surrender.”
“If this monstrosity is allowed to pass, the result will be more Americans out of work, more families shattered, more factories abandoned, more industries wrecked, and more Main Streets boarded up and closed down—just like it was before I took over the presidency 4 years ago. I then set record low unemployment, with 160 million people working,” the former president said.