Skip to comments.Video: ObamaCare device tax kills 1,000 jobs in Michigan
Posted on 09/10/2013 12:44:44 PM PDT by SeekAndFind
With just 21 days left before the individual mandate takes effect, some believe that ObamaCare hasn’t officially started yet. Tell that to the 1000+ people who lost jobs in Michigan this year, thanks to a medical-device tax that kicked in earlier — and put their former employer more than $100 million in the hole with the IRS. But that’s okay, because Michigan can afford to lose more jobs, right? Er … (via Daniel Halper at the Weekly Standard):
“There are also new taxes affecting West Michigan industry, in particular, that took effect this year,” says a local reporter. “There’s a new 2.3 percent excise tax on medical device manufacturers. According to some reports, Kalamazoo based Stryker has laid off more than a thousand people because of it–and owes the federal government upwards of $100 million dollars this year alone. Late last week a Stryker spokesperson told me that Obamacare will cost the company fully 20 percent of its total research and development investments.
“And although it’s no secret that drug makers like Pfizer stand to profit billions because of the increased numbers of insured Americans and the corresponding increased need for medications–they’re being hit with an excise tax as well – on brand name drugs–running in to the tens of billions of dollars.”
The original report at WWMT has more:
“There’s still a lot of people, I think, who are unaware of what all the changes are and what they mean for them,” Buhs said.
One common misconception is that the Affordable Care Act won’t take effect until next year, when in fact, many changes have already happened. Insurance companies can no longer drop you or place a lifetime cap on your coverage.
Actually, that cap has been delayed. WWMT may want to catch up on the delays, which is admittedly a very difficult stream with which to keep pace.
They also can’t refuse you for pre-existing conditions, and young adults up to 26 may be covered by their parents policies. However, the law has also reduced by half the amount you can save every year in a flexible spending account to cover medical bills–down to $2,500 in 2013, and has increased the income threshold for claiming itemized tax deductions for medical expenses to 10 percent from 7.5.
There are also new taxes affecting West Michigan industry, which took effect this year. There’s a new 2.3 percent excise tax on medical device manufacturers. According to some reports, Kalamazoo-based Stryker has laid off more than 1,000 people because of it, and owes the federal government upwards of $100 million this year alone.
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They re-elected the scumbag, now they can deal with his obamacare monstrosity.
So--insurance causes the need for medication?
I hate reporters.
Obama isn’t interested in getting anyone a job.
He is interested in getting every dime he can from people who have one, so he can pass it out to people who vote for him.
To those effected who voted for LIBs/DIMs/RINOs... Bwahahahahahahahahahahahahahahahahahahahahahahahahahahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!
Is this article is about some outfit that makes medical devices, which doesn’t tell what they are, that’s forced to lay off 1000 workers because they are behind in returning taxes (going belly up?) they collected on those medical devices ? Or is it about Obamacare insurance coverage ?
This excise and other tax stuff should have been campaign issues during the 2012 race. Instead it wasn’t they dumped their base now it’s time the base dumps them... http://www.theusmat.com/
I hope the laid off workers all voted for Obama.
If they owe $100 million per year on a 2.3% tax, that’s a $4.3 billion revenue stream, so really I don’t think we’re getting the whole story above.
How does charging a tax on medical equipment lower the cost of medical care?