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Trump blasts Biden’s ‘ludicrous’ plans for massive tax increase: ‘Strategy for economic surrender’

Former President Donald Trump on Wednesday slammed President Biden‘s plans for a huge tax increase as a “classic globalist betrayal” of American workers that will result in U.S. jobs and factories moving to China and other countries.

In one of his most stinging criticisms of his successor to date, Mr. Trump said the Biden administration is “losing the economic war with China.”

“Biden’s ludicrous multitrillion-dollar tax hike is a strategy for total economic surrender,” Mr. Trump said in a statement. “Biden’s policy would break the back of the American Worker with among the highest business tax rates in the developed world.”

The former president’s rebuke came as Mr. Biden was visiting Pittsburgh to announce details of his $2.25 infrastructure spending plan. It would be funded at least in part by raising corporate taxes, hiking taxes on income over $400,000 and imposing a “global minimum tax.”

“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,” Mr. Trump said. “The Biden plan will crush American workers and decimate U.S. manufacturing, while giving special tax privileges to outsourcers, foreign and giant multinational corporations.”