On Tuesday’s broadcast of Newsmax TV’s “John Bachman Now,” Rep. Guy Reschenthaler (R-PA) said President Joe Biden’s budget proposal will be beneficial for China because of the corporate tax increases and defense spending that doesn’t keep pace with inflation in the plan.
Reschenthaler stated, “I can tell you what the value is, it’s going to increase the value of Hunter Biden’s billion-dollar Chinese hedge fund. This might be good for the economy, just the Chinese economy, and I can explain that. If you look at the tax rates, Joe Biden wants to take the corporate tax rate to above what it is in Communist China. It would be devastating. You’d have jobs leaving for China. There’s no way we’d be able to re-shore a lot of the supply chains that were so glaringly obvious that we needed to do that during COVID, so China would be a big winner under this budget. The American worker, the American economy would lose with this budget.”
He added, “[W]e’re not just dealing with the Soviet Union — or the Russian Federation now, we also have a China that’s run by a Communist Party that has said openly they want to replace us as the world’s superpower. They want to project power in the Pacific to rival our hegemony in the Pacific, and what does Biden do, what do the Democrats do? They draw down military spending.”
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