Mike Pence criticizes Joe Biden’s tax plan, claiming that China will benefit as the United States faces economic disaster.
In a Fox News op-ed published Monday, former Vice President Mike Pence attacked President Joe Biden’s American Jobs Plan, citing the benefits of “cutting taxes on American employers” in 2017, as opposed to lowering them for employees earning less than $400,000 per year.
Pence praised the 2017 Tax Cuts and Jobs Act, which was signed by former President Donald Trump and passed by the GOP-controlled Congress at the time. Pence said that workers in the United States were eventually given incentives to stay in the country because they were no longer “driven away by an exorbitant tax burden.” However, he slammed Biden’s tax plan, which aims to increase taxes on companies, whose rate was cut to 21% by Trump, as well as on rich individuals earning more than $400,000 a year.
The Biden tax proposal, according to Pence, “threatens to restore the anemic job growth, stagnant wages, and rampant offshoring that characterized his tenure as vice president.” Pence’s point was that helping businesses was more important than helping “non-job creators,” such as middle-class people.
The former vice president seemed to blame himself and Trump with the “post-pandemic rebound,” claiming that Biden’s tax package would “screeching, devastatingly stop” the economic upheaval. Pence went on to accuse Biden of betraying American employers and employees in favor of policies that, according to Pence and Trump, benefit “Communist China.”
Despite Pence’s arguments, many analysts believe the 2017 tax cuts exacerbated the country’s income disparity and benefited only the “super-rich” and the wealthiest companies.
“As part of his American Jobs Plan, Biden is proposing a huge tax hike on employers that would once again place American workers at a significant disadvantage to their international competitors,” Pence wrote in his op-ed. With Biden’s tax hike, the US will have a corporate tax rate that is significantly higher than even Communist China.”
“Job growth will come to a halt,” he said. Investments in capital will be cancelled. There will be less goods made in the United States. Manufacturers will pack up and head overseas, leaving a hole in the heart of blue-collar communities. The robust wage gains that workers have enjoyed in recent years will vanish into thin air, along with the hopes and dreams of millions of middle-class families. Our jobs,. This is a brief summary.