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Today a new tax takes effect that you might not know about as part of the president's massive health care overhaul the past -- couple years.
Ago it takes effect today it is a 2.3 percent tax on the sale of all medical devices.
Probably do know about it if you've been watching Fox News Channel because we've been following our next guest story.
While that tax might help raise thirty billion dollars there a lot of critics and they fear the -- could come at the expense of good paying American jobs and we're joined right now by -- to be the president of ADM -- to access -- family on medical device company.
In New Jersey you guys have nineteen employees for the first time you actually are thinking you may have to lay people off that tells why you are in that position.
-- unfortunately this is a totally discriminatory tax just on the medical device -- the -- And it's -- toppling -- -- on gross revenues regardless of whether or not you're making a profit -- before you pay anything else it's on the top -- so therefore it's it's -- an ill conceived tax because this is an industry which is innovative create has a lot of good paying jobs.
And I just can't think of the worst thing you can do to a manufacturing industry in this country's oblivion excise tax on.
Absolutely and -- -- as we take a look at some gizmos rate there.
People think all medical devices that's probably what a heart transplant devices and artificial knees now we're talking what.
Well it goes all the way from Tom -- to a moron machines or like what we -- we produce medical electronics that are used for diagnostic.
As rose therapeutic purposes so it's a whole array of products.
That are now going to be penalized with the only excise tax that's in this obamacare bill and it hits the fan today they kick the can down to today and today it hits the fan -- -- -- you know when you talk about happy new year this is tax day for us.
In our industry and it it it hits the entire medical devices street -- for the biggest focus -- smalls you guerrillas that the medical device industry over two million jobs are supported.
And 80% of those jobs are in companies with fifty employees and -- so it's a small innovative industry.
So you have ninety employees and right now they are they're actually working with you they're not they're not upset -- in an upset with you.
They're actually trying to work with you what are some of the things -- -- -- to sacrifice.
What we're like family -- a smoke happening and for example for -- Christmas instead of taking Christmas bonuses.
We gave them the -- too often between Christmas and New Year's justice so that could help out financially I know you haven't taken a paycheck.
And while you do what you have to do we -- we want to keep our people working.
And we're trying to find -- original work -- experts in medical device design and development so we're trying to find maybe postings due to diversify and it's just not just me -- -- -- over 40000.
Jobs being lost because of this new tax it and it's one of those things where -- you know what's.
I'm taxes -- you think okay afraid if I spend this.
I would be taxed so I'm gonna put that off with medical devices and medical necessity it's not what you think you mean maybe I should put that MRI off you got to have a right then.
That's right it's amazing that this would hurt the people in need most when you talk about a tax increase this is a tax increase -- people in need these services.
And also for our industry.
This is just another thing that we have to deal with -- dealing with foreign competition with much lower tax rates of other countries so this is just another hurdle that we have to get over it's a very difficult to to why the president segment this will create jobs that's -- I've heard that argument for President Obama.
And he's just not being released that's a specious argument why he thinks that it's gonna bring all these new people in because of the people who are now going to be covered well most people already that need medical device -- all the credit there and Medicare and does not -- people coming involved and also someone doesn't wake up -- -- -- you know what -- -- for an angioplasty today that just doesn't happen it doesn't happen what.
Can you come back a year from today and we'll find out how -- in action certainly be happy -- I -- wait let let me make a lot of how do you think I have had -- taken coming out today.
Probably nighttime pain and good luck and you appreciate it thank you thank you sir.
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