The Obama administration continues to claim that the individual mandate tax is a penalty. The Supreme Court upheld Obamacare on the basis of it being a tax, but supporters claim it is just a penalty and only a few (million) Americans will have to pay.
The are, however, real taxes in Obamacare. Some of them take effect next year. One of them is a 2.3 percent tax on medical devices. This tax could bring millions of dollars into the Obama administration coffers to spend as they see fit. The affect of that tax to businesses will cost businesses jobs and new facilities and hurt a weakening economy. An economy that only grew 1.5 percent in the last quarter. That is dismal growth, but the Obama campaign says "it is growing."
One medical device company in Indiana is scrapping plans to build new plants to manufacture new devices.
Cook Medical claims the new tax will cost the company $20 million per year. This cuts into funds that would have been available to build several new plants ovber the next five years. Each nbew facility would employ 300 people.
Cook's plans were first revealed in an article in the Indianapolis Business Journal. They were later confirmed to other news organizations.
A company spokesman said, "In reality, we're not looking at the U.S. to build factories anymore as
long as this tax is in place. We can't, to be competitive."
The tax on medical devices is one of the scores of taxes in Obaamacare that will hurt businesses (small and large), cots jobs, affect patient care, and weaken the economy.
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