Former President Trump on Wednesday criticizing President Biden's proposed tax increase, calling it the "largest tax hike in U.S." that would cripple the U.S. and create a "massive giveaway" for China and other foreign countries.
"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. "The Biden plan will crush American workers and decimate U.S. manufacturing, while giving special tax privileges to outsourcers, foreign and giant multinational corporations."
Biden is proposing tax increase on U.S. families and corporations to help pay for several major spending programs including the $2 trillion infrastructure package he's set to unveil Wednesday.
Biden's spending plan, "Build Back Better," will increase the corporate tax rate from 21 to 28 percent, according to The New York Post.
"Biden’s policy would break the back of the American Worker with among the highest business tax rates in the developed world," Trump also said in the statement . "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!"