Obamacare Taxes Will Cause Medical Device Manufacturers to Cut Jobs

President Obama Promised Economic Benefits As A Result Of His Healthcare Overhaul:

“President Barack Obama used his weekly radio address to tout the economic benefits of overhauling the health care system, saying that reform would help build a ‘new foundation for our economy to create the good, lasting jobs and shared prosperity of tomorrow.’” (Nia-Malika Henderson, “Obama: Health bill will create jobs,” Politico, 1/9/2010)

RED ALERT: $20 Billion In New Obamacare Taxes Force Layoffs In Medical Device Industry:

“Medical device manufacturers are bristling over a key provision in the nation's new health care law which they say forces them to shoulder an unfair cost of expanded insurance coverage. A 2.3 percent excise tax on companies that supply medical devices like heart defibrillators and surgical tools to hospitals, health centers and ambulance services will cost medical device manufacturers an estimated $20 billion in new taxes over the next decade. And they say that will force them to lay off workers and curb the research and development of new medical tools. ‘Many small to midsize medical device companies will owe more to the federal government in taxes than they make in profits,’ said Mark Leahy of the Medical Device Manufacturers Association.’” (Steve LeBlanc, “Medical Device Makers: New Tax Will Cost Jobs,” Associated Press, 6/06/2010)