Listening
Gold Member
- Aug 27, 2011
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Taxing jobs out of existence - The Washington Post
Bill Hewlett and David Packard, tinkering in a California garage, began what became Hewlett-Packard. Steve Jobs and a friend built a computer in the California garage that became Apples birthplace. Bill Cook had no garage, so he launched Cook Medical in a spare bedroom in an apartment in this university town. Half a century ago, in flight from Chicagos winters, he settled here and began making cardiovascular catheters and other medical instruments. One thing led to another, as things have a way of doing when the government stays out of the way, and although Cook died last year, Cook Medical, with its subsidiaries, is the worlds largest family-owned medical devices company.
In 2010, however, Congress, ravenous for revenue to fund Obamacare, included in the legislation a 2.3 percent tax on gross revenue which generally amounts to about a 15 percent tax on most manufacturers profits from U.S. sales of medical devices beginning in 2013. This will be piled on top of the 35 percent federal corporate tax, and state and local taxes. The 2.3 percent tax will be a $20 billion blow to an industry that employs more than 400,000, and $20 billion is almost double the industrys annual investment in research and development.
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Many thanks to George Will for bringing us back to what really matters...the economy and Obama's miserable handling of it.
The whole gay rights thing is just a smoke screen to prevent a discussion about how our liar-in-chief is trying to run from his economic record.
Come on lefties....let's hear the spin.....
Blame this on Booooosssshhhhhh.......
Bill Hewlett and David Packard, tinkering in a California garage, began what became Hewlett-Packard. Steve Jobs and a friend built a computer in the California garage that became Apples birthplace. Bill Cook had no garage, so he launched Cook Medical in a spare bedroom in an apartment in this university town. Half a century ago, in flight from Chicagos winters, he settled here and began making cardiovascular catheters and other medical instruments. One thing led to another, as things have a way of doing when the government stays out of the way, and although Cook died last year, Cook Medical, with its subsidiaries, is the worlds largest family-owned medical devices company.
In 2010, however, Congress, ravenous for revenue to fund Obamacare, included in the legislation a 2.3 percent tax on gross revenue which generally amounts to about a 15 percent tax on most manufacturers profits from U.S. sales of medical devices beginning in 2013. This will be piled on top of the 35 percent federal corporate tax, and state and local taxes. The 2.3 percent tax will be a $20 billion blow to an industry that employs more than 400,000, and $20 billion is almost double the industrys annual investment in research and development.
************************
Many thanks to George Will for bringing us back to what really matters...the economy and Obama's miserable handling of it.
The whole gay rights thing is just a smoke screen to prevent a discussion about how our liar-in-chief is trying to run from his economic record.
Come on lefties....let's hear the spin.....
Blame this on Booooosssshhhhhh.......
