Former President Trump slammed the Biden administration’s infrastructure plan as a “giveaway to China” in a statement on Wednesday.
In particular, Trump said that proposed tax increases designed to fund the $2 trillion proposal would end up backfiring by sending American jobs overseas.
“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, and move all your production to Beijing and Shanghai, you will pay LESS,” Trump said. “It is the exact OPPOSITE of putting America First—it is putting America LAST!”
Trump termed the proposed tax hikes a “classic globalist betrayal by Joe Biden and his friends.”
The Biden plan includes raising the corporate tax rate from 21 percent, the level set by Congress and signed by Trump in 2017, to 28 percent. The bill also aims to set a global minimum tax of 21 percent and update the tax code to prevent American firms from merging with foreign companies, which could then relocate to tax havens.
The Biden administration is considering proposals to tax wealthier Americans, however the White House did not clarify for which income bracket the administration is looking to raise taxes.
President Biden is expected to announce the infrastructure plan on Wednesday in Pittsburgh, Penn. The $2 trillion plan includes a combined $305 billion to repair and upgrade roads, bridges, railways, airports, and public transportation. Another $174 billion is geared toward building a national network of charging stations for electric vehicles.
Additionally, the plan provides $213 billion to upgrade affordable housing, and $100 billion each toward rural broadband access, public school infrastructure, and electrical grid updates.