President’s medical devices tax kills over 1,000 new jobs according to Indiana company.
(Alexandria, Virginia) – A report in the Indianapolis Business Journal uncovers exactly how President Obama’s healthcare overhaul is killing jobs with its 2.3% medical devices tax, profiling a company in Indiana which has scrapped plans to build five more plants in the state that could have employed up to 300 people each.
Cook Medical Inc., of Bloomington, IN says that the 2.3% tax will raise total costs 15% and erase the company assets required for the plant expansion, essentially killing approximately 1,000 jobs in the depressed small communities where they had planned to employ people. This brought a response from 60 Plus Chairman Jim Martin, leader of the nation’s largest conservative seniors organization with over 7.2 million national supporters, including145,000 Hoosiers:
“We said from the get-go that the new Obamacare taxes would kill jobs and hurt businesses across the nation. It’s tragic when that news hits home, and we see stories like how the tax is hurting good companies like Cook medical, who are fighting tooth and nail to expand their business and put Americans back to work. This is just shameful.”
According to the company, the devices tax impacts them far beyond the 2.3% tax that will be imposed on medical devices and equipment, and will eliminate the profit margin necessary to invest and expand.
“Thanks to Obamacare, medical equipment is not being made, and jobs are being destroyed. When Americans look at the state of our economy and wonder why this President’s policies are making things worse, they can look no further than the sad and troubling plight of Cook medical, who were stopped dead in their tracks from expanding and creating new jobs as a direct result of Obamacare and the President’s reflexive response of raising taxes on the American people as a solution to every problem.
“Mr. President, Indiana voted for you in 2008, but they learned their lesson. The people want jobs, not higher taxes and bigger government.”