Tax Increases Moving Jobs Outside the U.S., Reports Wymoo®

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A change in demand reveals that tax increases in the United States may result in a slower economy for 2013, with jobs and investment moving overseas.

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As U.S. companies and citizens are being hit with higher taxes and higher insurance costs, many are choosing to flee the economy for better job prospects and opportunities.

Wymoo International, the professional private investigation and background check firm based in Florida, reported today that investigators at the company have witnessed a significant shift in pre employment and international due diligence requests, which they believe in part, are resulting from the the Obama tax increases in the United States.

As companies and citizens are being hit with higher taxes and higher insurance costs, many are choosing to flee the economy for better job prospects and opportunities. Even Obama supporters are upset, according a recent Washington Times article published on January 6, 2013.

Wymoo® reports a sharp rise in background check investigations for Americans seeking work overseas, as well as more due diligence cases for companies investing abroad, rather than at home.

A Wymoo International spokesman said he believes for the 12 million or more Americans looking for work, the situation is likely to get worse. Management believes that fiscal responsibility is essential for the United States, yet the government continues to spend the country further into a national debt crisis.

A recent report by Ernst & Young estimating the tax hikes will shrink the U.S. economy by 1.3 percent and result in 710,000 job losses, so far, appears to be an accurate assessment. (View the report here.) Wymoo International, like many companies, has had to put a hold on U.S. hiring due to higher taxes and higher insurance costs. International growth remains an attractive option for companies with access to international markets.

Similar to what economists are seeing in France, socialist policies and higher taxes may cause an exodus of capital and talent from the U.S. Wymoo reported an impressive 36% growth rate for 2012 and is now one of the fastest growing companies in its industry. With that said, management is concerned to see the change. “It’s alarming to see so many companies and individuals seeking opportunity outside the United States instead of within,” said David Wilkerson, Vice President. “Our job as international investigators is to verify investments, individuals and companies overseas. We have seen a drop in new hires and investment in the U.S. market, accompanied by a rise in background checks for other countries.”    

Facing higher costs and taxes in the U.S., many American companies are also outsourcing to lower cost countries such as India and China. Because these foreign companies, suppliers and contacts need to be vetted, demand is up at the investigation firm. Wymoo’s professional due diligence and international company verification services help U.S. companies lower their risk for fraud and scams when hiring or investing overseas.

About Wymoo International

Wymoo International, LLC is a leader in international investigations and background checks. The company conducts investigations in over 100 countries, and specializes in verifying individuals and organizations. Services include private investigators, background checks, surveillance, due diligence, employment screening and global asset searches. Wymoo® is verified by McAfee, the Better Business Bureau and Truste. Learn more at: http://www.wymoo.com

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Tom Burnett
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