ObamaCare Medical Device Tax Will Cost 43,000 Jobs
The new 2.3% excise tax will roughly double the device industry’s total tax bill and raise the average effective corporate income tax rate to one the highest effective tax rates faced by any industry in the world. Moreover, the new tax will be paid both by firms that have net income and those that do not. The tax will be especially harmful to companies that innovate and tend to suffer losses in the first years or when investing in research and development for a new product but would still be required to pay the tax.
I think the president forgot to mention this last night in his speech.
This is actually tragic. These are some of our best paying jobs.
I have a friend who consults for medical device industry. She says the both device tax and the uncertainty from ObamaCare are causing medical device firms to be very cautious. The money has dried up and nobody wants to invest until they have a better understanding of whether it will pay off.
The NCPA is pushing a study commissioned by a Trade Association? Aren’t those supposed to be anti-competitive? Isn’t the NCPA all about the “free market”?
Snap crackle, guys, check your pigs. They may be flying.
Technically speaking, the 43,000 jobs won’t be “lost” as much as they’ll be moving overseas…
It’s the best time to make a few plans for the future and it’s time to be happy. I’ve learn this put up and if I could I desire to recommend you few interesting issues or tips. Maybe you could write next articles referring to this article. I desire to read even more issues about it!