Sunday, November 04, 2012

The Job-Eating ObozoCare Monster

It's worse than you think.

...I spoke with Steve Ferguson, CEO of the Cook Group, founded in the back room of a family house in 1963 with a $1,500 loan, and now the world's largest privately-owned medical-device company with 8,000 U.S. employees. It makes some 16,000 different devices, most of them small items such as catheters, stents, wire guides and other products that help patients avoid major surgery. Such advances represent phenomenal progress for the quality of patients' lives.

Ferguson said the 2.3% tax on gross revenues equals, for Cook, about 15% of earnings. Added to a base corporate income tax rate of 35% and state taxes of 6%, the total tax rate exceeds 50%. Pitted against places like Ireland, with a total business tax of 12.5%, an American medical-device company faces acute competitive disadvantages.

"We were looking to build five new plants to employ about 300 people each," Ferguson said. "Now we've had to put them on hold, to see what will happen with this tax."


Not to mention what "medical devices" are taxed:  stents, wire-guides, asthma inhalers....

So.  Not only is Obozo "exporting jobs," he's increasing the cost of medicine, already.  This, while the Liar-in-Chief claims to be "reducing" the cost of medicine.

The guy is a one-man bubonic plague.  

No comments: