Billionaire warns employees of layoffs if Obama is reelected
Real estate mogul issues dire warning
- Duration 5:09
- Date Oct 10, 2012
Real estate mogul issues dire warning
Also in this playlist...
This transcript is automatically generated
Our eyes and his four new wave Florida real estate mogul is warning of layoffs at the president has Israel acted here's an email that is similar to one that has also circulated on the Internet.
That the billionaire sent to his employees quote if any new taxis are levied on me or my company as our current president plans he says.
I will have no choice but to reduce the size of this company this means fewer jobs -- benefits and certainly less opportunity for every when he says.
I -- -- that David -- is and his wife are the subjects of a documentary.
About the building of their own personal copy of Versailles -- that they were trying to build in Florida.
Ran out of money to finish the whole thing and now it's for sale but he claims that he just wants to make sure that his employees.
Understand the ramifications.
-- We're not going to.
Fire anybody or lay off any body as a result of who they vote for or who they lean towards.
I -- and know that what the future holds.
For them and their families.
This and other questions raised by -- what he's saying in this email -- up -- -- a call.
President of the -- financial group LLC and Steve Moore senior economic writer for the Wall Street Journal Steve is also the author of the new -- Who's the fairest of them all and you know I -- -- -- you can -- question the business practices of somebody who -- -- I don't 35 or 45 million dollar house is supposed to be.
A copy of Versailles.
But the reason that was that we brought this up is because it raises a question about what business leaders and people who -- companies if they get across this country as they head towards the election Steve.
The outlook I don't think it's appropriate for employers -- kind of bully their employees in terms of -- day of hope for and I don't think that's what was happening here but I -- think it's quite appropriate for employers to educate their workers about the implications of more regulation higher taxes.
You know we talk a lot on this show about how you know when you talk about -- -- taxing the one topped one or two or 3% that I was kind of be the employers in the country.
But I'll tell you this -- -- I talked to a lot of employers around the country.
This is not an isolated incident that just one example I talked to a guy who owns about fifty fast food restaurants in the Dallas Fort Worth area not long ago and he said the obamacare health Carolina next year is gonna cost in my 11100 dollars more per employee he has a thousand employees that's a million dollars it's gonna take out of the business that's the kind of impact these regulations and taxes and I didn't think they reduce -- -- Yet that -- David does Siegel says this is that we pay state taxes federal taxes property taxes sales and use taxes.
Fuel taxes worker compensation taxes and unemployment taxes.
I have to hire an entire apartment to manage all of these taxes I guess even I -- the people -- I help manage it taxes we'll probably still have their jobs either way we think about that map.
Yet if you if you could think -- taxes and regulations -- jobs -- to be booming in the next couple of years if Obama is reelected.
You know it.
Single makes a good point is when he points as the fact that it you know we are paying so much right now in taxes there's a lot of uncertainty going for that we may be paying more.
The United States already has the highest corporate tax rate in the world so for any -- taxing them whether that's through obamacare or another route or through -- higher regulations.
What is it all are supposed to do.
Very simply think about this if that owner of a company whether it be a billion dollar company or company with 100 employees.
If you are making less money you would have less employees if you have less employees that means there's one more person out of work.
Every -- out of work is less demand for goods and services -- United States.
That ripple effect then moves down that a fact that you have to -- -- -- more people it could be very devastating going for with taxes and regulation all coming together at.
I mean you know President Obama said he even in the debate -- that he you know in terms of taxing millionaires he doesn't think that that's something that should be -- to them even though many of them are the owners of these sized businesses that we're talking about.
That they do employ a lot of people.
But Stevie this is sentiment I tactic business owners as well -- say I'm you know they're they're losing heart and interest some of them it in running company is because they just feel like it's just too.
Hard and to RS.
Yes it's a pervasive attitude and taking the example that I just mention about the million dollars.
That these higher obamacare taxes won't post I mean that that's you know what fifty or -- employees that this.
This manager and CEO can't hire.
Let me just make one other point it's not just taxes are -- There's an attitude.
Among a lot of business -- man and woman around the country especially small businessman and woman.
That that they feel like Washington treats them almost like enemy combatants right now and they see that not just through taxes but also the new health care law and regulation whether -- -- -- whether -- EPA whether -- Department of Labor and an invading their -- factor of their -- -- and again acting as if they are you know guilty until proven -- that just makes it hard to expand your business and that kind of environment.
-- -- -- trip with the fact Steve thank you very much for being with us Matt thank you very much -- -- -- him.