NRCC: The cost of ObamaCare: Will Wall defend the medical device tax that is sending jobs overseas?

NRCC: The cost of ObamaCare: Will Wall defend the medical device tax that is sending jobs overseas?
5/15/2012

Contact: Press Office, (202) 479-7070

WASHINGTON --- ObamaCare?s medical device tax, set to go into effect next year, is fulfilling Jamie Wall's party?s commitment to their limitless spending addiction and job-killing agenda. The tax falls under Wall's Washington leaders? healthcare overhaul and is threatening to increase healthcare costs, crush medical innovation and has already forced employers to outsource jobs.

?Wisconsin families deserve a healthcare system that is modern, encourages job growth and isn?t forcing the national debt to spiral out-of-control,? said NRCC Communications Director Paul Lindsay. ?Jamie Wall should refuse to support his party?s big-government healthcare overhaul and stand up for his constituents so that their quality of care isn?t sacrificed and future generations aren?t burdened with astronomical debt.?

According to the Advanced Medical Technology Association (AdvaMed), the costs of Democrats? big-government takeover of healthcare would be up to 39,000 jobs and $8 billion in economic productivity:

?A $3 billion hit on the medical device industry ? roughly the effect of the healthcare reform law's industry tax ? would cost nearly 39,000 jobs and more than $8 billion in economic output, according to a new report released Monday by the Advanced Medical Technology Association (AdvaMed).? (Julian Pecquet, ?Medical Device Makers Decry Cost of Tax,? The Hill, 3/26/2012)

Even though the new burdensome tax hasn?t even been implemented yet, it is already responsible for companies laying off American workers and outsourcing jobs:

?Cook Medical is no longer planning to open a U.S. factory a year. Boston Scientific, planning for a more than $100 million charge against earnings in 2013, recently built a $35 million research and development facility in Ireland and is building a $150 million factory in China. (Capital goes where it is welcome and stays where it is well-treated.) Stryker Corp., based in Michigan, blames the tax for 1,000 layoffs. Zimmer, based in Indiana, is laying off 450 and taking a $50 million charge against earnings. Medtronic expects an annual charge against earnings of $175 million. Covidien, now based in Ireland, has cited the tax in explaining 200 layoffs and a decision to move some production to Costa Rica and Mexico.? (George Will, ?Taxing Jobs Out of Existence,? The Washington Post, 5/9/2012)

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