Just moments after Biden announced he's going to raise taxes on businesses, an auto workers union announced Ford is leaving Ohio and going to Mexico.
Remember that new plant Ford started building after Trump lowered the corporate tax rate?
Kiss it goodbye.
Thanks, Biden! People in Ohio won't mind giving their jobs to Mexicans.
United Auto Workers (UAW) warned Ford employees in Ohio that the company plans to move the construction of a new vehicle to Mexico, according to a letter made public this week.
UAW Vice President Gerald Kariem addressed a letter to Ford workers in Avon Lake, Ohio, in which he accused the automaker of violating a contract agreement with the union with its plans to build a next-generation vehicle in Mexico instead of the Ohio Assembly Plant (OHAP).
Again, this announcement came on the heels of Biden bragging about his plans to make some serious tax increases to corporations.
President Biden is reportedly planning to include the first major tax hike in close to 30 years in the next economic spending bill set to follow his $1.9 trillion coronavirus relief package.
The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for individuals earning at least $1 million annually and paring back tax preferences for so-called pass-through businesses.
HERMOSILLO, MEXICO - JUNE 1:General view of parking of employees of the Ford automobile assembly plant, during COVID-19 pandemic on June 1, 2020 in Hermosillo, Mexico. The automotive industry is considered an essential sector for the economy. (Photo by Luis Gutierrez/Norte Photo/Getty Images)