But some Senate Democrats are trying to delay at least for one year the tax on medical device manufacturers, which will raise nearly $2 billion in new revenue in 2013 and $20 billion over the next seven years.
In a letter Monday, Sen. Amy Klobuchar, D-Minn., Sen. Kay Hagan, D-N.C. and others asked Senate Majority Leader Harry Reid to work to postpone the medical device tax.
Both Klobuchar and Hagan voted for the ACA and Minnesota is home to one of the biggest medical device makers, Medtronic.
A delay in the tax could be part of the year-end fiscal package. “My guess that it would be part of bigger deal before the end of the year,” Klobuchar told NBC News Tuesday.
The Democrats calling for delay are emphasizing the need for medical device industry jobs.
“We’re focused on this because there’s a number of small start-up companies (which would be affected by the tax),” Klobuchar said. The medical device tax was set to raise $40 billion over 10 years “and then reduced in half without real negotiation about how it would affect jobs and the industry. So this one, above all to me, cries out for a change.”
In their heart, liberals know that Obamacare and its tax increases hurt the economy and kills jobs. They just voted for it anyway.
The tax on medical device manufacturers is one of those “You have to read it to understand it” items.
It’s a tax on gross sales, not on profits.
Which is why it hits startups (which often are still burning through cash and do not yet have any profits) so hard.
The tax it only raises the cost of medical care but does its part to kneecap the source of many medical innovations.
BAU. Business as usual. Tax those rich people, fix the tax code on those evil businesses…except for my rich people and my supporter’s business tax loopholes. Let’s add a couple for them. Newsflash, Dems. Every medium business and larger has politicians lobbying for their protection. Zero tax loopholes will ever be closed by Congress as a group. As long as BAU is in control, A Dem, a Rep, it makes little difference most of the time.
A tax Democrats are against?
I guess when someone finally sees the harm and destruction taxes do cause, redemption can occur in anyone.