While everybody has their eyes focused on the Fiscal Cliff debates going on in Washington..... keep in mind that under current (passed without reading) Obamacare Law, five new taxes are going into effect on 1 January 2013, that is $268 BILLION dollars of new gob'mint revenue taken out of the economy PER YEAR! $268,000,000,000 !!!!
As outlined so clearly in the Americans for Tax Reform site.... these tax increases are flying under the radar and will come at us in different ways...
In my head, the most insidious is the Obamacare Medical Device Tax - because it isn't even a tax based on manufacturers profits. It's an excise tax on their gross sales!
So, if you are a medical device engineer who has invented some life saving device, or quality of life product and you have finally been able to manufacture it and bring it to market.... even though you are still losing money, the new Obamacare tax on medical devices will snatch 2.3% right off the top of your gross income..... before expenses. So if you are already losing money or barely breaking even -- guess what? Down the toilet with you, your factory, your jobs, your employees and all the patients that might have benefited from your product.
Is this insane, confiscatory and absolutely the opposite of what made America great, or what?
Go here for the full ATR.org report. Put down heavy or sharp objects first.... of course.
Or here for a three year old call to Rush Limbaugh regarding toothbrushes being identified as medical devices.... and what that means....