An Indiana medical device company is canceling plans to build five new manufacturing plants in the US – and will look to build those plants overseas. Why?
Cook Medical claims the tax on medical devices, set to take effect next year, will cost the company roughly $20 million a year, cutting into money that would otherwise go toward expanding into new facilities over the next five years.
“This is the equivalent of about a plant a year that we’re not going to be able to build,” a company spokesman told FoxNews.com.
He said the original plan was to build factories in “hard-pressed” Midwestern communities, each employing up to 300 people. But those factories cost roughly the same amount as the projected cost of the new tax.
“In reality, we’re not looking at the U.S. to build factories anymore as long as this tax is in place. We can’t, to be competitive,” he said.
Next time the left tries to tie Romney to outsourcing that occurred after he left Bain, rub their noses in this fact. Their dear leader is sending jobs overseas right now.
Those jobs will never come back. Or ever be created in the US in the first place.
The other effect will be raging inflation as this and other ObamaCare taxes get passed on to the only people who pay them – the consumers.
How’s that hope and change working out for you?