You think the writers of ObamaCare (whose supporters fill my work inbox with how great ObamaCare supposedly is) had this in mind?
An Indiana-based medical equipment manufacturer says it’s scrapping plans to open five new plants in the coming years because of a looming tax tied to President Obama’s health care overhaul law.
Cook Medical claims the tax on medical devices, set to take effect next year, will cost the company roughly $20 million a year, cutting into money that would otherwise go toward expanding into new facilities over the next five years.
“This is the equivalent of about a plant a year that we’re not going to be able to build,” a company spokesman told FoxNews.com.
He said the original plan was to build factories in “hard-pressed” Midwestern communities, each employing up to 300 people. But those factories cost roughly the same amount as the projected cost of the new tax. …
The Affordable Care Act imposed a 2.3 percent tax on medical devices beginning in 2013. It is projected to raise nearly $30 billion over the next decade.
But the Cook Medical spokesman said the impact is greater than just a 2.3 percent uptick in taxes. He said the impact on actual earnings is another 15 percent, and he projected the company’s total tax burden next year will rise to over 50 percent.
In the real world (as opposed to Barack Obama’s mind, where government creates all business), businesses make decisions based on what taxes and regulations will cost them. And ObamaCare cost up to 1,500 jobs in an era of unemployment over 8 percent. Great job, Barack.