Former President Donald Trump on Wednesday slammed President Biden‘s plans for a huge tax increase as a “classic globalist betrayal” of American workers that will result in U.S. jobs and factories moving to China and other countries.
In one of his most stinging criticisms of his successor to date, Mr. Trump said the Biden administration is “losing the economic war with China.”
“Biden’s ludicrous multitrillion-dollar tax hike is a strategy for total economic surrender,” Mr. Trump said in a statement. “Biden’s policy would break the back of the American Worker with among the highest business tax rates in the developed world.”
The former president’s rebuke came as Mr. Biden was visiting Pittsburgh to announce details of his $2.25 infrastructure spending plan. It would be funded at least in part by raising corporate taxes, hiking taxes on income over $400,000 and imposing a “global minimum tax.”
“Joe Biden’s radical plan to implement the largest tax hike in American history is a massive giveaway to China, and many other countries, that will send thousands of factories, millions of jobs, and trillions of dollars to these competitive nations,” Mr. Trump said. “The Biden plan will crush American workers and decimate U.S. manufacturing, while giving special tax privileges to outsourcers, foreign and giant multinational corporations.”
When Mr. Trump took office, he signed into law major tax cuts that slashed the corporate rate from an average of 35% to 21%. Mr. Biden wants to raise that rate to 28%.
“This legislation would be among the largest self-inflicted economic wounds in history,” Mr. Trump said. “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 four years ago. I then set record low unemployment, with 160 million people working.”
Mr. Trump called it a “cruel and heartless attack on the American dream.”
“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,” he said.