US former President Donald Trump ripped into Biden administration plans to roll back on previous administration's tax cuts, saying the new tax policy will only benefit China.
Speaking at the "Save America" rally at the Iowa State Fairgrounds in Des Moines on Saturday, Trump said 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."
The former president said that this will give US businesses the tax advantages to locate jobs in China, Sputnik reported.
"We are incentivising people to go to China," Trump said, emphasizing that, in contrast to Biden, he "wants to build up America."
His reaction comes as Democrat lawmakers have released plans for a partial rollback of Trump's tax cuts.
Members of the powerful Ways and Means Committee which sets tax policy propose raising the top rate of corporation tax to 26.5 per cent from 21 per cent.
( With inputs from ANI )
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