Trump Says Biden’s ‘Ludicrous’ $2 Trillion Infrastructure Package Is a ‘cruel and heartless attack on the American dream’ that will ‘crush’ Workers…

by Katelyn Caralle and Nikki Schwab at The Daily Mail

Donald Trump slammed President Joe Biden’s $2 trillion infrastructure package as a ‘cruel and heartless attack on the American dream’ that will benefit the Chinese and ‘crush’ US workers.

Trump released a statement in advance of Biden’s trip to Pittsburgh Wednesday where he’ll formally roll out the new plan, which includes the most comprehensive corporate tax hike in 30 years.

‘Biden’s policy would break the back of the American Worker with among the highest business tax rates in the developed world,’ Trump said.

The plan will include a 7 per cent corporate tax hike from the current rate of 21 percent.

More tax hikes could hit Americans earning more than $400,000, married couples and estates.

‘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 competitives Nations,’ Trump charged.

The White House released a fact sheet stating: ‘The President’s tax plan will ensure that corporations pay their fair share of taxes by increasing the corporate tax rate to 28 percent.’

‘His plan will return corporate tax revenue as a share of the economy to around its 21st century average from before the 2017 tax law and well below where it stood before the 1980s,’ it continued, referencing Trump’s 2017 tax cuts, his singular legislative achievement of his first year.

The White House is arguing that the U.S.’s infrastructure, which ranks 13th in the world, is hindering its ability to have a competitive edge against China.

Trump argued the opposite, saying the tax hikes and then dollars thrown back into the U.S. economy would damage it further, as it reels from the coronavirus pandemic.

Trump predicted the tax hikes would compel companies to take American jobs overseas, something that the White House says a rewrite of the tax code would prevent.

‘This legislation would be among the largest self-inflicted wounds in history,’ Trump said. ‘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 continued by calling the tax hike a ‘globalist betrayal by Joe Biden and his friends: the lobbyists will win, the special interests will win, China will win and Washington politicians and government bureaucrats will win – but hardworking American families will lose.’

‘Joe Biden’s cruel and heartless attack on the American dream must never be allowed to become Federal Law,’ Trump said. ‘Just like our southern border went from bad to worst, and is now in shambles, our economy will be destroyed!’

Despite the massive price tag and expected tax increase, progressive Rep. Alexandria Ocasio-Cortez said Tuesday Biden’s $2.2 trillion for infrastructure should be ‘way bigger.’

‘This is not nearly enough,’ Ocasio-Cortez tweeted.

She added: ‘The important context here is that it’s $2.25T spread out over 10 years. For context, the COVID package was $1.9T for this year *alone,* with some provisions lasting 2 years. Needs to be way bigger.’

Previewing the rollout during Tuesday’s press briefing, White House press secretary Jen Psaki referenced proposed changes to the tax code.

‘[Biden] believes that there’s more that can be done to make the corporate tax code fair – to reward work, not wealth,’ Psaki said.

The tax hikes could also hit Americans earning more than $400,000 a year, married couples, businesses and estates.

As part of the proposal, Biden could update the tax code so companies cannot move their headquarters to a ‘tax haven’ overseas, which allows corporations to avoid transparency laws.

Incidentally, Biden was senator for Delaware for 36 years – a tax haven state ranked the ‘world’s most opaque’ by the London-based ‘Tax Justice Network’ in 2010.

Delaware has no sales tax, it does not tax business transactions, and it does not have use, inventory or unitary tax.

There is also no inheritance tax in the state and no capital shares or stock transfer taxes.

This tax hike, if passed, would be the largest comprehensive tax increase since 1993.

‘If Republicans have alternative ways to pay for it, we’re certainly open to hearing that. They don’t think they should pay for it? We’re open to hearing that, too,’ Psaki told MSNBC’s ‘Morning Joe’ on Wednesday. ‘What we’re focussed on is we have to invest in our infrastructure.’