Guessing that you are associated somehow with Cummins, since that is THE driver there. The global market for their products is slowing, as it is for many other manufacturers. So, the primary focus can't be on peripheral things like taxes and stuff like that. It has to be on how you are going to prosper in the global restructuring. For that a couple basic rules:
-When you have the opportunity leave and take whatever money is owed you. No responsibility or liability to the former employer. Nor does the former employer have any responsibility or liability to you that they can manipulate, or that circumstances change in the future.
-When you invest your severance money remember that profits, regardless of the investment medium, are only profits when there is cash in hand. So, many people think that paper increases in the stock market or similar are profits. They aren't. Only after tax cash in hand counts in the profit calculation.
-Don't worry too much about the non-compete thing. IF you get an offer from someone else where it might come into play, assuming you sign, iron it out then. Amazing how many times such documents turn out to be psychological tools.
-Take a break, but not too long, to decide what you want to do next. Amazing how many people decide to do something completely different.

Wish you well.

I should add that there haven't been a lot of global restructurings like the present one. So, bottom line, is that you research, make a decision and hope it works out. No one, and I mean, no one has The Answer. Some helpful ideas but ultimately your guess is as good as most anyone else's.