Replies to post #35575 on CSMG Technologies, Inc (fka CTGI)

[sojourner]

It's a sad state of affairs when government targets one of the few bright spots in the US economy. Medical device firms are cutting back on US operations because of the prospect of a 2.3% tax on total revenues that is levied regardless of whether the firm earns a profit.

“...many companies will owe more in taxes than they generate from their operations. The result will be devastating to innovation, patient care and job creation.”
http://www.thenewamerican.com/usnews/health-care/9768-obamacare-excise-tax-costs-1000-jobs-and-counting

That's a good way to destroy a premier US industry, eh?

Estimates range up to 100,000 and more of highly paid job losses in this high-pay and high-skill industry. Boston Scientific cut 1200 in Mass. and is expanding and hiring in China. Stryker recently cut 1000 workers and so on. The tax hasn't kicked in yet, but the medical device industry isn't waiting for 2013.

The cost of regulations and taxes is destroying a showcase US industry. China and India will sop up the medical device business. On a related note, medical tourism is already a booming global industry with players Korea, India, and Thailand to name only three.