Medical companies brace for 'devastating' ObamaCare tax, prepare for layoffs
The Affordable Care Act imposed the 2.3 percent tax on medical devices with the goal of raising nearly $30 billion over the next decade. Manufacturers say the impact of the tax is far greater than meets the eye -- the 2.3 percent tax is on gross sales, meaning it's a much greater percentage of net income.
Melinyshyn, for instance, said his total tax burden on profits will rise from 43 percent to 65 percent next year.
"It's huge," he said.
The Advanced Medical Technology Association estimates that the tax ultimately could cost up to 43,000 jobs.
Device manufactures are getting up to 30 million new customers. Maybe that will make profits go up and maybe they are leaving that part out of their "analysis" intentionally because some people...and I would not guess who that might be...will not consider it.