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Billionaire Defends Anti-Obama Memo to Workers

David Siegel Told Them How To Vote Because 'I Care'

By Reuters

(Page 2 of 2)

Tax policy is a central issue in the presidential campaign. Republican candidate Mitt Romney wants to extend lower tax rates set to expire on Dec. 31 for all income groups, while Obama has said he would extend the lower rates only for households earning up to $250,000.

Obama and Romney have both said the current 35 percent corporate tax rate should be reduced but disagree on the extent of the cut and ways to replace the revenue.

Siegel told Reuters in July that Westgate was faring well.

He said in an interview his company had rebounded from the recession and was now the most profitable it had been in its 30-year history. He said Westgate was hiring 1,500 new employees this year and fending off banks that “are throwing money at us.”

Siegel told his employees in the memo that “the economy doesn’t currently pose a threat to your job. What does threaten your job however, is another 4 years of the same Presidential administration.”

He described what he said were years of sacrifice to build the company.

“Even to this day, every dime I earn goes back into the company,” he said. “Over the past four years I have had to stop building my dream house, cut back on all of my expenses, and take my kids out of private schools simply to keep this company strong and to keep you employed.”

He added: “Yes, business ownership has its benefits, but the price I’ve paid is steep and not without wounds. Unfortunately, the costs of running a business have gotten out of control and let me tell you why: We are being taxed to death and the government thinks we don’t pay enough.”