Insight Online News
Washington, Oct 10 : Former US President Donald Trump says the current US administration’s tax policy will only benefit China.
Speaking at his “Save America” rally at the Iowa State Fairgrounds in Des Moines on Saturday, Trump said that US President Joe Biden’s plan will make the business tax rate one of the highest in the world and “actually substantially higher than a place called communist China.”
Trump said that the Democrats’ tax plan will give US businesses the tax advantages to locate jobs in China.
“We’re incentivising people to go to China,” Trump said, emphasizing that, in contrast to Biden, he “wants to build up America.”
Trump warned that the Biden spending bill will “raise taxes on working families like never ever before.”
Democrat lawmakers have proposed that the US corporate tax be increased from 21 percent to over 26 percent. Meanwhile Trump dropped the top tax rate to 37 percent for individuals (from 39.6 percent) and reduced the corporate rate from 35 to 21 percent.
Trump criticized Biden for the Green New Deal on Saturday and said that the Democrats will “demolish the US energy industry” because of high taxes on oil and gas.
“Gas prices and inflation have already skyrocketed,” Trump said, adding that inflation is at its highest in 24 years and will only go up.
The former president warned that countless oil and gas jobs will be lost in Texas, Pennsylvania, Ohio, Iowa, North Dakota, and many other states because of Biden’s plans and the planned energy tax on methane will lead to hikes in energy costs by hundreds of dollars a year.
IANS / AGENCY