hurleyjd
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 Posted: Thu Feb 02, 2012 8:51 pm Post subject: |
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| Steve wrote: |
a large part of the move is the obamacare tax on medical devices..
a close friend who works for medtronics was recently laid off and they reason was simple.. market outlook..
with a higher tax looming businesses see a more lucrative overseas market and outsourcing avoids the manufacturing portion of the tax and reduces labor costs..
| Quote: |
President Barack Obama’s health care reform law is already bleeding jobs from the nation’s high-tech, high-wage medical device industry,
The 2010 law imposed a crippling 10-year, $20 billion tax on revenues — not on profits — earned by companies that make medical devices,
The tax is prompting American companies to shed jobs, move factories overseas and reconsider niche-market research projects, said Paulson, whose district include medical device companies.
“The administration will dig in and protect Obamacare at all costs, even if it looks like it is going to cause the layoff of 10 percent of the medical-device workforce, or 43,000 jobs,”
“Companies are already moving jobs, they’re already moving products, they’re not investing in the U.S.,” he told TheDC. “If we don’t stop it now … it will be too late” |
well I guess we could move the 43000 to MT and re-educate them to raise cattle and drive trains.. re-education worked so well in the other communist countries |
Medtronics had a net income of 3.39 billion for 2011. If you subtracted the 2.3% tax on the 16.44 billion revenue which would be .37 billion leaving a profit with the new tax of 3.02 billion. If they moved overseas they would still be making the same product and their cost would be lower and there fore more profit. Look up Medtronics MDT on the business pages. 45,499 employees. I think that the bean counters with the device mfgs will see that the healthcare plan will increase customers and therefore increase their sales. They are also moving overseas because the foreign workers work ethic is better than the average American.
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