“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,” stated by former President Donald Trump in an article published in News Max.
In the text, Trump explained that the Democrat’s economic measures would strengthen foreign companies and affect American workers. He further argued that the measures would also have consequences on the national economy and would affect America’s position in the world.
“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,” said Trump.
Last week, in an interview on ABC News Biden reiterated that he intended to raise taxes for Americans earning more than $400,000 a year. He also presented a million-dollar plan for the country’s infrastructure. He wants to do this by raising the corporate tax rate to 28%, up from the 21% that has been in place since 2017.
“Amazon and other companies don’t pay a single penny in federal income taxes. That, quite simply, is wrong. And I’m going to put an end to it,” Biden assured in statements picked up by the EFE news agency.
Meanwhile, Trump warned about the situation that would generate the measure and noted that such actions are common in Biden, while stressing that the most affected will be American families. He also recalled that during his administration there was a record in the generation of jobs.
“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,” concluded the former President.