Banner Legislation with a Strange Device Tax
Over at Bloomberg View, I write about how the tax on medical devices–one of the lesser known features of Obamacare–is already killing jobs.
Asked if Cook Group will respond to the tax by reducing its workforce, [chairman of the board Stephen] Ferguson spoke carefully.
“You don’t want to say to your workforce that you’re going to lay people off,” he says. “The tax is going to result in growth in another location and not in the U.S.; that’s the way I see the impact on Cook.”
The Obamacare law grants the administration the power to grant exemptions to soften the tax, but as another industry source pointed out, that discretion just adds to companies’ uncertainty.