The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / Retire Early CampFIRE

URL:  http://boards.fool.com/the-medical-device-tax-impact-30387133.aspx

Subject:  The Medical Device Tax impact Date:  11/17/2012  2:13 PM
Author:  Knighted Number:  655690 of 741521

As a result of the Obamacare legislation, medical device companies will have a 2.3% tax imposed on their sales, regardless of whether any profit or income is made. Skimming through recent news articles, what has the jobs impact been so far?

Here are the companies that have reported significant layoffs as a result of this tax:

1200 jobs - Boston Scientific
1000 jobs - Medtronic
1170 jobs - Stryker Medical
770 jobs - Smith & Nephew
700 jobs - Abbott Labs
595 jobs - Covidien
500 jobs - St. Judge Medical
427 jobs - Kinetic Concepts
275 jobs - Welch Allen
250 jobs - Westchester Medical
200 jobs - Hill Rom
105 jobs - Liberty Medical

That's 7,192 high paying jobs lost so far simply as a result of the medical device tax in the healthcare bill. Numerous other companies have hinted at layoffs, have cancelled plans that were in the works to create new manufacturing facilities in the US, and have reduced hours. Of course, the left tells us that raising taxes doesn't affect behavior and may even be good for the economy, so all of these companies must simply be dirty rotten lying Capitalist pigs paid off by Romney to create bad publicity for Mr. O.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us