Corporate Tax

Biden Pronounces Company Earnings Tax Hike: Ford To Transfer Ohio Plant To Mexico | KPRC AM 950

Moments after Biden announced that it would raise taxes on companies, an auto workers union announced that Ford was leaving Ohio for Mexico.

Remember Ford started building a new plant after Trump cut the corporate tax rate?

Kiss it goodbye

Thanks, Biden! The people of Ohio don’t mind giving their jobs to the Mexicans.

Justine Coleman reports:

United Auto Workers (UAW) warned Ford employees in Ohio that the company plans to move construction of a new vehicle to Mexico. This is evident from a letter published this week. UAW vice president Gerald Kariem addressed a letter to Ford employees in Avon Lake, Ohio accusing the automaker of violating a contractual agreement with the union to replace the Ohio assembly plant with a vehicle in Mexico next generation build (OHAP).

That announcement again followed Biden, who bragged about his plans to make serious corporate tax hikes.

President Biden reportedly plans to include the first major tax hike in nearly 30 years in the next economic spending bill to follow his $ 1.9 trillion coronavirus aid package. The planned changes include: increasing the corporate tax rate from 21% to 28%, increasing the income tax rate for individuals with income greater than $ 400,000, extending the estate tax, and creating a higher tax rate on investment income for those with annual earnings of $ 1 million or more Reduction of tax preferences for so-called pass-through companies.

HERMOSILLO, MEXICO – JUNE 1: General view of the parking of Ford automotive assembly plant workers during the COVID-19 pandemic on June 1, 2020 in Hermosillo, Mexico. The automotive industry is an essential branch of the economy. (Photo by Luis Gutierrez / Norte Photo / Getty Images)

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