Good Jobs, Goodbye

When All of the politicians All of the time agree and Bernie Sanders, Donald Trump, and Obama are all on the same page, it's going to affect the Real Estate industry. Foreign tax inversion as tax dodge (to escape the 39% US corporate tax rate versus on average 25% or less elsewhere) came to a grinding halt as Pfizer and Allergen terminated their $160 billion deal in reaction to US Treasury changes. Hopefully the tax code will be fixed. The lower corporate tax rate also explains in part why foreign companies have more capital to buy so many US companies. Beyond inversion the exodus of manufacturing reported in the "New York Times" article "Good Jobs, Goodbye" featured my trusted furnace manufacturer, Carrier, closing their Indianapolis plant and moving 1,400 good jobs to Mexico, where workers typically make $19 a day, about what US Union workers make in an hour. A lot of real estate sectors' dollars in industrial, retail, leisure and entertainment, housing, and academic (paying for higher education for the next generation to fulfil the American dream) went South.

Susan Phillips, CEO SelectLeaders
April 6, 2016

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