Former President Donald Trump is slamming his successor’s $2 trillion infrastructure plan as a “radical” proposal built on “ludicrous” tax hikes that would end up sending U.S. business elsewhere — including to China.
“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,” Trump said in a statement released by his 45 Office on Wednesday. “The Biden plan will crush American workers and decimate U.S. manufacturing, while giving special tax privileges to outsourcers, foreign and giant multinational corporations.”
President Biden’s administration unveiled a $2 trillion “American Jobs Plan” on Wednesday that sets out to improve the nation’s crumbling infrastructure — in part by pumping $621 toward repairing roads and bridges and modernizing public transit over the next eight years. It also puts billions toward climate resiliency and greener energy.
Biden plans to pay for it through a series of business-related tax hikes including raising the corporate income tax rate to 28% — Trump slashed it to 21% from 35% during his tenure — and discouraging “offshoring” by increasing the global minimum tax on U.S. multinational corporations to 21%.
Trump blasted the tax increases he said would “break the back of the American worker” and said “American is once again losing the economic war with China.”
“This legislation would be among the largest self-inflicted economic wounds in history,” Trump continued. “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.”