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D4PC: A two time supporter of the Obama healthcare law, former Democrat Senator Evan Bayh gives his new opinion of the unintended consequence of the ACA's tax on the medical device indusry.
The Supreme Court decision in June upholding the Affordable Care Act leaves in place a tax on medical devices that threatens thousands of American jobs and our global competitiveness. It will also stifle critical medical innovation in the industry that gave us defibrillators, pacemakers, artificial joints, stents, chemotherapy delivery systems and almost every device we depend on to save lives.
The 2.3% tax will be charged to manufacturers on each sale and takes effect in January. Many U.S. device companies, in response, have already announced layoffs, canceled plans for domestic expansion and slashed research-and-development budgets.
Given the fragile state of the U.S. economy, Congress must move quickly to redress the harm from this tax before it becomes irreversible.
Nearly 6 million Americans — significantly more than first estimated— will face a tax penalty under President Barack Obama's health overhaul for not getting insurance, congressional analysts said Wednesday. Most would be in the middle class.
The new estimate amounts to an inconvenient fact for the administration, a reminder of what critics see as broken promises.
The numbers from the nonpartisan Congressional Budget Office are 50 percent higher than a previous projection by the same office in 2010, shortly after the law passed. The earlier estimate found 4 million people would be affected in 2016, when the penalty is fully in effect.
Nonetheless, in his first campaign for the White House, Obama pledged not to raise taxes on individuals making less than $200,000 a year and couples making less than $250,000.
Over time, these new ObamaCare taxes will hit more and more middle income families. Recall that the Alternative Minimum Tax targeted only 155 taxpayers when the first version passed in 1969, but today it hits millions of people.
Now that the American people see that the Supreme Court didn’t rescue them from Obamacare, there is renewed focus on the details of the law. The individual mandate is only one of dozens of provisions that will slam into our economy, hitting American families like a freight train in 2014.
Sally Pipes of the Pacific Research Institute makes a very clear and concise case for how ObamaCare's tax increase on the pharmaceutical industry threatens the ability of the drug makers to bring innovative, life savings drugs to market.
While the contentious and unpopular law's fate sits in the hands of the Supreme Court, Obama administration officials quietly allocate nearly two billion dollars towards the implementation of the massive new healthcare law, including the hiring of 800 new IRS agents. Despite objections of taxpayers, the president's team has found a way to bypass the Republican-controlled Appropriations Committee and is moving full speed ahead to disperse the funds before the SCOTUS rules in June.
The recently enacted Patient Protection and Affordable Care Act, the federal government’s sweeping health care legislation, will impose significant new costs on state government budgets, while also constituting a significant usurpation by the federal government of long-standing state authority over health insurance regulation.The immediate task for state lawmakers is to find ways to protect their constituents—including state taxpayers, health insurance policyholders, and individuals who depend on public health care programs—from the adverse effects of Obamacare.