Former President Donald Trump slammed President Biden’s “globalist” infrastructure package funded by corporate tax hikes ahead of his successor announcement, calling the “ludicrous” multi-trillion dollar a “radical plan” that would “break the back of the American Worker” and cause one of the “largest self-inflicted economic wounds” ever in history.
“This legislation would be among the largest self-inflicted economic wounds in history. 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,” Trump said in an email statement released by his 45 Office where he slammed Biden’strillion infrastructure plan.
Biden’s proposal builds on his campaign “Build Back Better” a two-step proposal with the first package focusing on infrastructure. Dubbed the “American Jobs Plan,” the hefty $2.25 trillion costly proposal is centered on investments in part on improving the nation’s crumbling roads and bridges, expanding broadband internet access, modernizing public transit while boosting funding for research and development, and combating climate change.
The package proposal includes $621 billion to modernize transportation infrastructure, $400 billion to help care for the aging and those with disabilities, $300 billion to boost the manufacturing industry, $213 billion on retrofitting and building affordable housing, and $100 billion to expand broadband access, among other investments.
To defray the cost, Biden is looking to roll back another signature achievement of his predecessor — the corporate tax rate. Branding the tax increase as a “Made in America Tax Plan,” Biden proposal to pay for his proposal through a series of business-related tax hikes over the next 15 years, including raising the corporate income tax rate to 28% — Trump slashed it to 21% from 35% during his tenure — and stiffening “offshoring” by increasing the global minimum tax on multinational corporations to 21%.
Trump blasted the corporate tax increase plan that Biden is looking to revamp, singling out the president’s “radical plan” that he argues the multi-trillion-dollar tax hike is a “strategy for total economic surrender” as it puts “America LAST!”
“Biden’s radical plan to implement the largest tax hike in American history is a massive giveaway to China that will send thousands of factories, millions of jobs, and trillions of dollars to these competitive Nations,” Trump said. “Biden promised to “build back better”—but the country he is building up, in particular, is China and other large segments of the world. Under the Biden Administration, America is once again losing the economic war with China—and Biden’s ludicrous multi-trillion-dollar tax hike is a strategy for total economic surrender. Sacrificing good-paying American jobs is the last thing our citizens need as our country recovers from the effects of the Global Pandemic.”
“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. It is the exact OPPOSITE of putting America First—it is putting America LAST!” Trump added.
The former president blasted the tax increases, calling it a “classic globalist betrayal” by Biden that will hurt hardworking American workers and “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,” Trump said. “Joe Biden’s cruel and heartless attack on the American Dream must never be allowed to become Federal law. Just like our southern border went from best to worst, and is now in shambles, our economy will be destroyed!”
Biden is scheduled to officially unveil the details of his infrastructure plan late Wednesday afternoon in Pittsburgh, PA, the same location where he launched his third presidential bid back in 2019. The plan’s rollout is facing huddles over its passage, as it is seen to kick off months of intense negotiations between the White House and a bitterly divided Capitol Hill while top Democratic leaders are looking to get the package passed by July 4th.
With Republicans signaling opposition to Biden’s infrastructure package, with many citing the plan as an anti-business, tax-and-spend package, while objecting to unwinding Trump’s 2017 tax cuts that would heavily hurt the competitiveness of American companies,Democrats are mostly focused on passing the proposal they haven’t read as a historic infrastructure plan, they are hoping mostly to overturn the centerpiece of Trump’s economic legacy.
Many economic experts said they were surprised to see that only about 5 percent of the bill is directed toward roads and bridges, and they question why the administration is mixing other types of policies into a bill designed to upgrade the nation’s infrastructure. Leading business groups delivered a tepid response, balking at the significant corporate tax hikes needed to finance the proposal.
The U.S. Chamber of Commerce although applauding the Biden administration “for making infrastructure a top priority,” the group slammed the White House’s tax proposal as “dangerously misguided when it comes to how to pay for infrastructure.”