I know people in the medical device field and yes this article holds merit. Many companies are laying off, excuse me the term is “restructuring,” in this field, hiring holds and moving operations offshore – PB/TK
Trump Health Care Tax Cut Could Lead To Layoffs, Not New Jobs – By Jonathon Larsen / June 15 2017
Republicans pushing new tax cuts in the American Health Care Act say the proposal is intended to boost revenues for medical technology companies, which would help them create American jobs. However, data from the past three years — as well as corporate financial filings — suggest that the windfall could instead effectively subsidize offshoring and layoffs in the industry.
Senate Republicans have been working behind closed doors on a new version of the AHCA, which is a top Trump administration priority. The House bill includes a full repeal of the medical-device tax first imposed by Obamacare in January 2013. The tax was suspended — with bipartisan support — three years later.
The tax is due to resume next year, however, and lawmakers in both parties say permanent repeal will help medical technology companies hire more workers. But some companies already appear to be using the suspension windfall to help pay for the steep, one-time severance costs of eliminating U.S. jobs as part of long-term cost-cutting or “restructuring
In public statements and corporate filings reviewed by TYT Politics, more than half a dozen major med tech companies — including some global leaders — show no sign of ramping up U.S. hiring. In fact, soon after the tax was suspended, some companies embarked on wholesale “restructuring” efforts. Some are pouring money into the creation of new jobs outside the U.S., including manufacturing jobs.
Most of the major med tech companies contacted by TYT Politics did not respond to questions. The two companies that did respond touted their recent investments.
Continue to ibtimes.com article: http://www.ibtimes.com/political-capital/trump-health-care-tax-cut-could-lead-layoffs-not-new-jobs-2552760
