Former President Trump labeled President Biden’s jobs program a “monstrosity” that “would be maybe the biggest self-inflicted economic wound in our nation’s history.”
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Biden’s plan, announced this week, calls for $2.25 trillion to be raised from increasing the corporate tax rate to 28% from 21% and the global minimum tax on corporations to 21% from 13%. It’s goal is to increase infrastructure and invest into transportation, manufacturing, renewable energy, and fighting climate change.
“Biden’s extreme plan for the largest tax increase in our history is a huge giveaway to China, and many other nations, that will send factories, jobs, and trillions of dollars to these countries,” Trump said. “His plan will destroy our workers and our manufacturing, while handing special tax benefits to outsourcers and giant corporations.”
Trump continued on to say the plan will cause higher unemployment by harming companies that create domestic jobs, while giving an incentive for companies to move to other nations. This, Trump says, comes as the nation is recovering from the pandemic.
“This law would be among the biggest self-inflicted financial wounds in our history,” Trump said.
Democrats have applauded the plan. House Speaker Nancy Pelosi, D-Calif., said it was “a once-in-a-century investment into America’s future” that will lead to millions of union jobs while “accelerating our global competitiveness.”
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The program’s stated goal is to invest large amounts into upgrading schools, improving water safety, and child care facilities, and supporting electric vehicles and affordable housing.
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