Timeshare Mogul Warns of Cuts Ahead if Obama Re-elected

Wednesday, 10 Oct 2012 07:53 AM

By Martin Gould

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Billionaire timeshare mogul David Siegel has warned his 10,000 employees to expect layoffs, benefit cuts and possibly even closure of his business if Barack Obama is re-elected president.

Increased taxes that Siegel says Obama has promised, will force him to rethink his entire company, he said in an email to all staff, Fox News reports.

"If any new taxes are levied on me, or my company, as our current President plans, I will have no choice but to reduce the size of this company," the president and CEO of Orlando-based Westgate Resorts said in his email, claiming that Obama is trying to pit employer against employee.

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"Rather than grow this company I will be forced to cut back. This means fewer jobs, less benefits and certainly less opportunity for everyone."

"We are being taxed to death and the government thinks we don't pay enough. We pay state taxes, federal taxes, property taxes, sales and use taxes, payroll taxes, workers compensation taxes and unemployment taxes," Siegel said. " I even have to hire an entire department to manage all these taxes."

Siegel — who gained fame in the acclaimed movie documentary “Queen of Versailles” which showed how his wife Jackie masterminded the building of their $100 million house, the most expensive single-family home ever built in the United States — even hinted he could leave the company completely if a re-elected Obama increased taxes.

"If that happens, you can find me in the Caribbean sitting on the beach, under a palm tree, retired, and with no employees to worry about," he wrote.

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