Another CEO has warned employees about the downside of Barack Obama being reelected.
Mike White, the owner of Milwaukee-based loading dock equipment manufacturer Rite-Hite, sent an email message to all 1,500 of his workers Tuesday apprising them of the "personal consequences" of the higher tax rates the President is proposing.
"Every Rite-Hite employee in America should understand the personal consequences to them of having our tax rates increase dramatically if President Obama is re-elected, forcing taxpayers to fund President Obama's future deficits and social programs (including Obamacare), which require bigger government," wrote White.
He went on to discuss how Rite-Hite is a Subchapter S corporation with a current tax rate of roughly 45 percent.
In White's view, that rate will go up to 65 percent if Obama's tax proposals were enacted "reducing our after tax income by 36% and dramatically reducing, if not eliminating, your and my RSP contributions."
White noted that these added taxes would reduce the company's ability to reinvest in itself putting employees' retirements at risk.
He also said that if ObamaCare wasn't overturned, Rite-Hite employees might lose their health insurance for the penalty under the law would be far less expensive than the company continuing to pay to cover its workers.
"Every opportunity to make up for lost profits to taxes will have to be evaluated," White wrote.
"Rite-Hite nor I will ever prejudice any employee for their political views, and, totally respect your right to vote as you choose," he continued as his correspondence came to a close. "I simply am trying to present the facts as I know them and to protect the business you have helped build! Please think very carefully about your vote on November 6th."
According to the Milwaukee Journal Sentinel, at least one employee "felt threatened" by the correspondence.
Seems pretty cut-and-dried to me.
How about you?