Former President Donald Trump is back, and he has recently called President Joe Biden’s American Jobs Plan a “monstrosity” that “would be among the largest self-inflicted economic wounds in history.”
The Jobs Plan was announced just last week, and it needs $2.25 trillion to fund it. The funds will primarily come from corporate tax, which will increase from 21% to 28%, and… the global minimum tax on U.S. corporations will be raised… from 13% to 21%.
“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.”
According to Trump, this plan would only raise the unemployment rate because it penalizes companies that create jobs for Americans while incentivizing companies to move their operations overseas.
“This legislation would be among the largest self-inflicted economic wounds in history,” Trump said.
On the other hand, Democrats continue to stand by each other. House Speaker Nancy Pelosi called it “a visionary, once-in-a-century investment in the American people and in America’s future” that will create millions of jobs while “turbocharging America’s global competitiveness.”