Biden arrives in Pittsburgh, Pennsylvania, for a speech on March 31
President Joe Biden on Wednesday (March 31) unveiled a $2.3 trillion infrastructure plan to revamp America’s infrastructure over the next eight years, which he called “an investment in America for this generation. The $2.3 trillion package will be paid for through tax increases on wealthy individuals and families. On the day the bill was enacted, Trump issued an official statement from the former president’s office sharply criticizing Biden’s bill for the incalculable damage it would do to American society.
In a speech Wednesday at a carpenters’ union training center in Pittsburgh, Biden compared the new package to the New Deal or Great Society of the 20th century and said the The plan is equally ambitious.
The White House statement said the largest portion of the bill is for roads, bridges, mass transit, electric vehicle charging stations and other transportation infrastructure, at a cost of $621 billion.
Another $111 billion would be spent on replacing lead water lines and upgrading sewers. Broadband Internet will cost the government $100 billion. Another $100 billion will upgrade the power grid to provide clean electricity. The new infrastructure plan will also renovate homes, modernize schools, train workers and refurbish hospitals, the statement said, adding that it is intended to strengthen U.S. manufacturing.
Wednesday’s announcement comes on the heels of a roughly equal-sized spending bill that Biden will introduce in mid-April to invest in other domestic programs such as child care, Education and climate change. The announcement comes on the heels of the White House’s $1.9 trillion Epidemic relief package, which was officially implemented in early March.
The U.S. government noted that this funding for infrastructure projects will result in a corporate tax increase designed to raise the necessary funds over 15 years and then reduce future deficits. To achieve its goal, the Biden Administration will undo the 21 percent corporate tax rate increase set by Trump and congressional Republicans in 2017 to 28 percent.
To prevent companies from shifting profits overseas to avoid taxation, the U.S. government is also preparing to impose a global minimum tax of 21 percent. The tax code will also be updated so that U.S. companies cannot merge with foreign corporations and cannot avoid taxes by moving their headquarters overseas. This will increase IRS audits of companies.
On Wednesday (March 31), Trump’s former president’s office released an official statement strongly condemning the Biden administration’s aggressive tax hikes, which reads.
“Joe Biden’s plan to implement the largest aggressive tax increase in U.S. history is a massive giveaway to China (Communist) and many other countries that would send thousands of factories, millions of jobs and trillions of dollars to these rival countries. Biden’s plan would crush American workers and destroy American manufacturing, while giving special tax privileges to outsourcers, foreign companies and giant multinational corporations.
Biden promises to “build better” – but the countries he is building are, to be precise, China and large parts of the rest of the world. Under the Biden administration, the United States has once again lost the economic war with China – and Biden’s ludicrous trillion-dollar tax hikes are a strategy of complete economic surrender. As our nation recovers from the effects of a global pandemic, sacrificing well-paying American jobs is the last thing our citizens need.
Biden’s policies would break the backbone of the American worker with the highest business tax rate in the developed world. Under Biden’s plan, if you create jobs and hire American workers in the United States, you will pay more in taxes, but if you close your plants in Ohio and Michigan, fire American workers and move all production to Beijing and Shanghai, you will pay less in taxes. That’s the opposite of “America First” – it’s putting America last.
Companies that send American jobs to China should not be rewarded by Joe Biden’s tax bill, they should be penalized so they keep those jobs in America, which is where those jobs should be.
This legislation would be one of the biggest self-inflicted economic traumas in history. If this monster bill is allowed to pass, the result will be more Americans out of work, more families broken, more factories abandoned, more industries destroyed, and more Main Streets closed and shut down – just as it was before I took over the presidency four years ago. I created record low unemployment at that Time, with 160 million people working.
This tax increase is a classic globalist betrayal by Joe Biden and his friends: the lobbyists will win, the special interests will win, the Chinese (Communist) Congress will win, the politicians and government bureaucrats in Washington will win – but hard-working American families will lose.
Joe Biden’s brutal and unrelenting attack on the American dream must not be allowed to become federal law. Just as our southern border has gone from the best to the worst and is now a mess, so too will our economy be destroyed!”
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