President Joe Biden and the radical Democrats pulling his strings recently unveiled a $2 trillion infrastructure plan that does little to rebuild ailing roads and bridges. It does, however, give liberals a short-term power grab and support China’s long-term goal of spreading communism.
“Every dollar spent on rebuilding our infrastructure during the Biden administration will be used to prevent, reduce, and withstand the impacts of the climate crisis,” the White House reportedly stated. “Unlike past major investments, the plan prioritizes addressing long-standing and persistent racial injustice. The plan targets 40 percent of the benefits of climate and clean infrastructure investments to disadvantaged communities.”
With the federal government already leveraged to the hilt with borrowed money and national debt, Biden wants everyday Americans to “re-imagine” the country’s infrastructure in a climate-friendly fashion. The massive borrowing scheme will once again rely on the Chinese Communist Party to secure funds. In all likelihood, the communists will joyfully give Biden and Democrats every Yuan because the tax-and-spend proposal will crush American businesses. Part of the wrong-headed policy includes increasing the business taxes that former Pres. Donald J. Trump reduced to revitalize the economy.
“Why, as this country begins to reopen and recover economically, would the Biden administration be proposing tax policy which would, in the end, hurt the American family and millions of struggling small businesses?” Missouri Congresswoman Ann Wagner reportedly mused.
That’s a fair question given that Mr. Trump proved that lowering business taxes increases employment opportunities, drives up wages, and incentivizes corporations to remain in America. The Trump Administration — in cooperation with a GOP-majority Congress — passed the Tax Cuts and Jobs Act that lowered corporate taxes from 35 percent to 21 percent. Although liberals cried foul, the 21 percent mark only put the U.S. on equal footing with many other industrial nations. China’s preferred tax for businesses that relocate to the Asian nation can be secured as low as 15 percent.
To line the pockets of Green New Deal liberals on top of rebuilding roads and bridges, Biden plans to increase corporate tax rates to a debilitating 28 percent. That onerous level of taxation would put the U.S. 13 points higher than China, and approximately 9 points higher than the EU’s lowest threshold. Working families can anticipate that major corporations will, again, take advantage of the lucrative manufacturing climate of China and other nations and leave. Biden is following the failed policies that gutted the U.S. manufacturing sector while he was working as Obama’s flunky.
According to reports coming out of the Tax Foundation, Biden’s tax escalation will result in job losses topping 150,000, suppress wages, and stifle economic output. As devastating as the left-wing infrastructure plan would be to working families at $2 trillion, congressional Democrats voiced outrage that the proposal doesn’t go far enough. If socialist Democrats such as New York Rep. Alexandria Ocasio-Cortez and Vermont Sen. Bernie Sanders get their way, Americans could be indebted to China for another $3 to $6 trillion.