The passage of the Patient Protection and Affordable Care Act, or Obamacare, has earned countless protests from employees and employers alike. Employees, both contractual and permanent, object to mandatory health insurance, while employers disapprove of the additional toll on their income brought about by increased taxes. Recently, another large company is in danger of shutting down due to the ever-increasing taxes imposed by the government. According to David Siegel, owner of Westgate Resorts, President Obama is giving incentives to unproductivity by taking the money of the productive and giving it to the unproductive.
David Siegel built his company some 42 years ago which started as an office in his garage in the 1970s. He worked full time, even on holidays and weekends, returned every penny to the company, and eventually, he was able to grow his company into a multi-billion dollar corporation. This business now has 7,000 employees and serves over three million customers every year. The company was so well off that David Siegel started the construction of his 90,000-square-foot home four years ago. But, due to the bad economy and increasing taxes, the company came into heavy debt totaling $1 billion. Siegel decided to stop the construction of his new home to cede to his creditors. He really had no choice.
In his open letter to his employees, Siegel revealed every entrepreneur’s predicament with Obamacare. He says he does not want to impose his beliefs upon his employees with regards to which president they are going to vote for, but he explained what will happen to the company if President Obama is elected again. Seigel believes Obamacare must be repealed. If Obamacare continues, Siegel will be forced to cut back employee hours, lay off most of his employees, or simply just shut down his entire company and retire.