Al Franken: "Job-Killing Tax"

[sappstuf]

I want to repeal the medical device tax altogether. But I am concerned that we are running out of time before this job-killing tax goes into effect.


http://www.franken.senate.gov/?p=hot_topic&id=2248

Of course the obvious question to Senator Franken, is why he voted for that "job killing tax". I have already posted the letter from 16 Dem Senators asking to delay this tax that was included in Obamacare. Of course, all 16 Dems voted in favor of passing this "job killing tax". Gotta pass the bill to find out what is in it, I suppose....

But since taxes can now be described as "job killing" by a Democratic senator, I would like some of the Dems on the board to give their description of a "job killing tax". This tax in question, is a 2.3% excise tax. I assume any tax above 2.3% would also be job killing, but is 2.3% the lowest or does it go lower?

Is the new 3.9% Medicare tax on people making $250K a year also a job killer? Why not?

TIA.

[SanJoaquinSooner]

Maybe the medicare tax is a job-killer, but for old geezers, I guess it might be a life-saver. And some people want to keep old people alive for a long time.

[Midtowner]

I don't see how that tax "kills jobs." You either need this equipment or you don't. The tax isn't going to keep anyone from making a purchase. This epistle doesn't prove the tax is "job killing," but rather that Franken has a price and has been bought.

[nutinbutdust]

It is just an effort by Franken to save face. In Minnesota we have some large manufacturers of medical devices. Medtronic, St Jude, Boston Scientific and Starky Hearing to name a few. He is such an ignorant asshat that he voted that way and suddenly realized he pissed off a bunch of his constitutes. I did not like the man the time I met him before he was senator, and I still dont like him.

[sappstuf]

I don't see how that tax "kills jobs." You either need this equipment or you don't. The tax isn't going to keep anyone from making a purchase. This epistle doesn't prove the tax is "job killing," but rather that Franken has a price and has been bought.

I will let the 18 Democratic Senators explain...

http://online.wsj.com/public/resources/documents/MedDeviceLetter12102012.pdf

This tax is set up to take 3.9% of gross profit. So if you start up a new company and gross a million dollars, but spend 1.3 million, not only are you 300K in the hole, you will owe the feds another 40K for your trouble.

[Bourbon St Sooner]

I don't see how that tax "kills jobs." You either need this equipment or you don't. The tax isn't going to keep anyone from making a purchase. This epistle doesn't prove the tax is "job killing," but rather that Franken has a price and has been bought.

Taxes don't keep people from buying stuff? I'm glad you didn't have to waste your time on a basic econ class to get through law school.

I guess it's not surprising that a Senator who has medical device making companies in his district doesn't like taxes that affect companies in his district. This is why the ACA is going to end up adding a lot more to the deficit than the CBO projections. There's a lot of the revenue and "cost saving" provisions in the bill that Congress will not stick with. It's pretty much expected that the cuts to Medicare providers won't go into affect.

[nutinbutdust]

I hate to Hijack the thread, but let m tell you about when i met him. It was at a HP3000 Users group in California. They hired him to be a speaker. The users group was made up mostly of computer programmers, systems specialists, dept managers etc. What I consider upper middle class, mostly conservatives. His liberal jokes about the current bush administration went over like a lead balloon. Afterwords there was a cocktail hour with finger food. After nearly being booed off the stage, he was there. He noticed my name tag, with my company and the Minnesota location and felt he had to introduce himself and talk to me. The funny thing was there was quite an uproar with the users group over how much they paid Franken to speak there and what a waste of money it was. I think he is and always has been completely clueless.

[TheHumanAlphabet]

eff you Al Franken! eff all of you progressives!!!

[nutinbutdust]

eff you Al Franken! eff all of you progressives!!!
To be honest I was surprised he got elected. However it is Minnesota, where the democrats are not democrats. They are the DFL - Democrat Farmer Laborers party. I have to admit we have entertaining politicians, Franken, Bachmann and even Ventura come to mind. :joyous:

[pphilfran]

Of course the obvious question to Senator Franken, is why he voted for that "job killing tax". I have already posted the letter from 16 Dem Senators asking to delay this tax that was included in Obamacare. Of course, all 16 Dems voted in favor of passing this "job killing tax". Gotta pass the bill to find out what is in it, I suppose....

But since taxes can now be described as "job killing" by a Democratic senator, I would like some of the Dems on the board to give their description of a "job killing tax". This tax in question, is a 2.3% excise tax. I assume any tax above 2.3% would also be job killing, but is 2.3% the lowest or does it go lower?

Is the new 3.9% Medicare tax on people making $250K a year also a job killer? Why not?

TIA.

The tax on gross revenue...before any expenses...

So the Affordable Healthcare Act will add 2.3% (plus profit margin so somewhere around 3%) to the cost of the device...this is how you drive costs down to the consumer in the Affordable Healthcare Act... lol

[KantoSooner]

To be honest I was surprised he got elected. However it is Minnesota, where the democrats are not democrats. They are the DFL - Democrat Farmer Laborers party. I have to admit we have entertaining politicians, Franken, Bachmann and even Ventura come to mind. :joyous:

Ah yes, Jesse 'The Body' Ventura. Those were the days! I still have a bumper sticker that reads "Our Governor Can Beat Up Your Governor".
It's something about sitting in icehouses, drinking rye that makes the Minnesoooooooda Skandahoovians go kind of weird. Don'tcha know?

[sappstuf]

The tax on gross revenue...before any expenses...

So the Affordable Healthcare Act will add 2.3% (plus profit margin so somewhere around 3%) to the cost of the device...this is how you drive costs down to the consumer in the Affordable Healthcare Act... lol

Since you were doing the math on the profit margins of medical devices, you now owe the federal government $10.67.

The morale of the story is don't even consider getting into the medical device business, which can fairly be considered "job killing".

[pphilfran]

Since you were doing the math on the profit margins of medical devices, you now owe the federal government $10.67.

lol

Just add it to my $63 surcharge....

[soonercruiser]

lol

Just add it to my $63 surcharge....

Phil!
Ask Sapp what type of medical device he is considering????
:panda:

[sappstuf]

Strange that we cannot seem to get a response from the left on what a job-killing tax is and what the parameters are.

[Midtowner]

Taxes don't keep people from buying stuff? I'm glad you didn't have to waste your time on a basic econ class to get through law school.

I guess it's not surprising that a Senator who has medical device making companies in his district doesn't like taxes that affect companies in his district. This is why the ACA is going to end up adding a lot more to the deficit than the CBO projections. There's a lot of the revenue and "cost saving" provisions in the bill that Congress will not stick with. It's pretty much expected that the cuts to Medicare providers won't go into affect.

That's right. You're not going to not purchase a wheelchair or heart stint because it's 3.9% more expensive. I'd be willing to put money on that.

[XingTheRubicon]

That's right. You're not going to not purchase a wheelchair or heart stint because it's 3.9% more expensive. I'd be willing to put money on that.

I know you don't understand how this works, but the taxes are on the gross. How that would discourage an entrepreneur in an incredibly fluid business is obviously over your head...perhaps, when it comes to the inner workings of commerce, you should read more and post less.

[Midtowner]

I know you don't understand how this works, but the taxes are on the gross. How that would discourage an entrepreneur in an incredibly fluid business is obviously over your head...perhaps, when it comes to the inner workings of commerce, you should read more and post less.

Do lots of folks choose not to open up a store because of the sales tax? Medical devices have ridiculously high markups. I just don't buy the "job killing" aspect of this.

[XingTheRubicon]

Who wants to explain it to him?

[XingTheRubicon]

I can do it later, but start with a new company that grosses 2MM in the first year and breaks even with expenses...

[Sooner98]

Who wants to explain it to him?

Forget it, he's rolling.

http://i17.photobucket.com/albums/b63/SidDithers/rolling.jpg

[nutinbutdust]

Here is some more info on the Hypocrites....

http://video.cnbc.com/gallery/?video=3000134997

Medtronic expects an increased tax bill of up to $60 million next year, an outcome that would curtail investments and research. sorry i couldnt get the vid to embed.

[Midtowner]

ObamaCare is about to exponentially increase their sales by making Medicaid suddenly available to millions of people. $60MM for them is a drop in the bucket. Their FY 2012 revenues were north of $15 billion.

[LiveLaughLove]

ObamaCare is about to exponentially increase their sales by making Medicaid suddenly available to millions of people. $60MM for them is a drop in the bucket. Their FY 2012 revenues were north of $15 billion.

Yet your side says ObamaCare will SAVE money.

Adding millions of people can not save money. Only in liberal lalaland does that compute.

I posted it on another thread but one of Obama's top five donors was a medical equipment guy. He fought for Obama to win, and when Obama won, he laid off around 2k people I believe was the number, because of the extra taxes his company was about to get hit with. Still blows my mind that this guy was more concerned with electing Obama than his own employees futures.

Obviously, he isn't planning on eating those costs, as per usual, the little guy, the employee and consumer will eat those costs. The fat cat donor will not lose a penny of his own money.

[nutinbutdust]

ObamaCare is about to exponentially increase their sales by making Medicaid suddenly available to millions of people. $60MM for them is a drop in the bucket. Their FY 2012 revenues were north of $15 billion.

What? do you really believe the # of people will exponentially increase getting pace makers or diabetic pumps due to more people being coverd by medicaid? I have a hard time believing there are that many people who need pacemakers that arent getting them.

[Midtowner]

What? do you really believe the # of people will exponentially increase getting pace makers or diabetic pumps due to more people being coverd by medicaid? I have a hard time believing there are that many people who need pacemakers that arent getting them.

How would you dispute it? Millions will need diabetic pumps and pacemakers and will now have dollars to pay for it.

Good times for medical device sellers. All they have to worry about is a little sales tax.

[Midtowner]

I posted it on another thread but one of Obama's top five donors was a medical equipment guy. He fought for Obama to win, and when Obama won, he laid off around 2k people I believe was the number, because of the extra taxes his company was about to get hit with. Still blows my mind that this guy was more concerned with electing Obama than his own employees futures.

He said that he was laying folks off due to the tax?

Link?



Obviously, he isn't planning on eating those costs, as per usual, the little guy, the employee and consumer will eat those costs. The fat cat donor will not lose a penny of his own money.

Sure, he could just raise his prices by the 4% he was probably already going to hike 'em. It doesn't compute that a company with $16 billion in revenue would need to lay off 2,000 people because of a tax hike. That has more to do with overall operations efficiency and things of that nature. People are going to do business regardless of tax.

[nutinbutdust]

How would you dispute it? Millions will need diabetic pumps and pacemakers and will now have dollars to pay for it.

Good times for medical device sellers. All they have to worry about is a little sales tax.

I dont believe there are that many going without. We are missing the point here though, why are my esteemed liberal representatives(Franken and Klobuchar) in MN starting to back peddle on what they voted for to begin with? Surely if this is going to help Medtronic, St Jude, Boston Scientific, and Starky Hearing - all Franken and Klobuchar have to do to keep the money flowing to their campaign chests, is just tell these companies how much it will help them.

[sappstuf]

How would you dispute it? Millions will need diabetic pumps and pacemakers and will now have dollars to pay for it.

Good times for medical device sellers. All they have to worry about is a little sales tax.

Your first response was that Franken had a price and had been bought.

If that is true, who was he bought by and why? Because now you are saying the medical device companies will make millions. Why would they buy Franken to have him stop them from making money?

[East Coast Bias]

I would like to throw my 2-cents in since I have a St. Judes pacemaker that my insurance company paid 60K for in 2005. Mid is correct the profit margins on these kind of products is obscene.
Most people don't even know what they pay for these things, its hard to negotiate when you are not sure tomorrow is an option. Taxing these guys is not going to change the landscape, we need to get a grip on some of these charges.
Why are you guys always so quick to side with these fat-cat corporations? Med-tronic and St. Jude are not companies some guy runs in an industrial park. Try starting up one of these companies-I am sure they would be the ones to make it difficult. These guys are on par with the big-oil companies and the insurance companies. I would throw GE into the same mix. Would you guys be okay with GE paying at least a little Tax?

[nutinbutdust]

I would like to throw my 2-cents in since I have a St. Judes pacemaker that my insurance company paid 60K for in 2005. Mid is correct the profit margins on these kind of products is obscene.
Most people don't even know what they pay for these things, its hard to negotiate when you are not sure tomorrow is an option. Taxing these guys is not going to change the landscape, we need to get a grip on some of these charges.
Why are you guys always so quick to side with these fat-cat corporations? Med-tronic and St. Jude are not companies some guy runs in an industrial park. Try starting up one of these companies-I am sure they would be the ones to make it difficult. These guys are on par with the big-oil companies and the insurance companies. I would throw GE into the same mix. Would you guys be okay with GE paying at least a little Tax?

I would have to say my point is not so much about Medtronic having to pay some more tax. It is more about Franken and Klobuchar flip flopping on a bill they voted for. Didn't they read the damn thing first? Now it looks like they just realized they pissed off 38000(# of employees at Medtronic) of the voters in their districts and started backpedaling. Out of all of these companies, Medtronic will probably be hit the least. I have done some consulting work there and I don't think it will make them go broke.

[Midtowner]

Your first response was that Franken had a price and had been bought.

If that is true, who was he bought by and why? Because now you are saying the medical device companies will make millions. Why would they buy Franken to have him stop them from making money?

To have their cake and eat it to. More customers AND no tax. We'll just put it all on America's credit card.

[LiveLaughLove]

He said that he was laying folks off due to the tax?

Link?




Sure, he could just raise his prices by the 4% he was probably already going to hike 'em. It doesn't compute that a company with $16 billion in revenue would need to lay off 2,000 people because of a tax hike. That has more to do with overall operations efficiency and things of that nature. People are going to do business regardless of tax.

Sorry, I provided a link the first time I brought it up. Not looking for it again, but yes, he said he had waited to see who won the election to know whether or not ObamaCare would be repealed.

Do a google on Obama top five donor lays of employees, or something along those lines.

[LiveLaughLove]

Sorry, I provided a link the first time I brought it up. Not looking for it again, but yes, he said he had waited to see who won the election to know whether or not ObamaCare would be repealed.

Do a google on Obama top five donor lays of employees, or something along those lines.

Here I found it again.

http://www.mmm-online.com/stryker-layoffs-blamed-on-obamacare-tax/article/247605/


Stryker said last November that it would eliminate 5% of its global workforce as part of an effort to realize $100 million in annual productivity gains to offset the hit when the excise tax takes effect in 2013.

So the jerk helped elect the guy that killed 5% of his own employees jobs. What a gem he is.

Oh, I forgot, he's one of those compassionate-only-cares-about-the-little-guys liberals I hear so much about.

[TitoMorelli]

Seems to me that a big factor isn't how many are going to be sold, but how much Obamacare will allow companies to make on each, which will be substantially less. Toss in a gross profits tax on top of strict price-controls down the road, then it appears that these industries are taking a double-hit.

[Midtowner]

"substantially less" is 3.9%.

Nice try.

[Midtowner]

Here I found it again.

http://www.mmm-online.com/stryker-layoffs-blamed-on-obamacare-tax/article/247605/



So the jerk helped elect the guy that killed 5% of his own employees jobs. What a gem he is.

Oh, I forgot, he's one of those compassionate-only-cares-about-the-little-guys liberals I hear so much about.

Eh.. I don't really buy the characterization. You don't have an extra 5% of your workforce for charity's sake. You've either realized some gains in productivity and have unnecessary workers, or in this case, you have two plants you bought two years ago which didn't pan out.

I don't buy that these layoffs are directly related to the excise tax, but whatever. If you're against the tax, find 29 billion dollars over the next 10 years to replace a repeal of the tax with and we can talk.

[soonercruiser]

He said that he was laying folks off due to the tax?

Link?

Sure, he could just raise his prices by the 4% he was probably already going to hike 'em. It doesn't compute that a company with $16 billion in revenue would need to lay off 2,000 people because of a tax hike. That has more to do with overall operations efficiency and things of that nature. People are going to do business regardless of tax.

How about a 25% tax increase on lawyer income related to medical cases?
I think that is fair.
Or did Nancy and Harry miss that one?

[Midtowner]

How about a 25% tax increase on lawyer income related to medical cases?
I think that is fair.
Or did Nancy and Harry miss that one?

I wouldn't be bothered by a 3.9% tax.

[olevetonahill]

I wouldn't be bothered by a 3.9% tax.

Guess not, You would just up your fees percentage

[Turd_Ferguson]

Guess not, You would just up your fees percentage

And still not provide his employees with health insurance...

[cleller]

Is the fact that Al Franken is a senator, and working with Harry Reid on this matter not enough to conclude that the deal is already an unfixable mess?

[Midtowner]

Guess not, You would just up your fees percentage

On medical cases, (which I don't do) if memory serves, the attorney fees are limited to a certain percentage by statute.

[olevetonahill]

On medical cases, (which I don't do) if memory serves, the attorney fees are limited to a certain percentage by statute.

Yer a Lawyer you would still figure out a way to screw some one

[pphilfran]

I would like to throw my 2-cents in since I have a St. Judes pacemaker that my insurance company paid 60K for in 2005. Mid is correct the profit margins on these kind of products is obscene.
Most people don't even know what they pay for these things, its hard to negotiate when you are not sure tomorrow is an option. Taxing these guys is not going to change the landscape, we need to get a grip on some of these charges.
Why are you guys always so quick to side with these fat-cat corporations? Med-tronic and St. Jude are not companies some guy runs in an industrial park. Try starting up one of these companies-I am sure they would be the ones to make it difficult. These guys are on par with the big-oil companies and the insurance companies. I would throw GE into the same mix. Would you guys be okay with GE paying at least a little Tax?


Sheep

Exxon Mobile http://www.dailyfinance.com/quote/nyse/exxonmobil-corp/xom/financial-statements?source=esadlfltnal0001
Sales 471 billion
EBIT 73.5 billion
Income taxes paid 31 billion (45% of EBIT)

Apple http://www.dailyfinance.com/quote/nasdaq/apple/aapl/financial-statements?source=esadlfltnal0001
Sales 158 billion
EBIT 55.8 billion
Income taxes paid 14 billion (25% of EBIT)

Wal Mart http://www.dailyfinance.com/quote/nyse/wal-mart-stores/wmt/financial-statements?source=esadlfltnal0001
Sales 447 billion
EBIT 26.7 billion
Income taxes paid 8 billion (35% of EBIT)

GM http://www.dailyfinance.com/quote/nyse/general-motors-company/gm/financial-statements?source=esadlfltnal0001
Sales 150 billion
EBIT 10 billion
Income taxes paid 110 million (lol)

Merck http://www.dailyfinance.com/quote/nyse/merck-co-inc/mrk/financial-statements?source=esadlfltnal0001
Sales 48 billion
EBIT 8 billion
Income taxes paid 900 million (13% of EBIT)

[TheHumanAlphabet]

I LOVE how the ****ing libs/progressives ALWAYS say DO AS I SAY, Not as I do... ****ing arseholes...

[TheHumanAlphabet]

Is the fact that Al Franken is a senator, and working with Harry Reid on this matter not enough to conclude that the deal is already an unfixable mess?

^^^^^^^^THIS!

[nutinbutdust]

Is the fact that Al Franken is a senator, and working with Harry Reid on this matter not enough to conclude that the deal is already an unfixable mess?


Agreed, I still dont know how he got elected. Guess we(minnesota) needed a village idiot.

[East Coast Bias]

Sheep

Exxon Mobile http://www.dailyfinance.com/quote/nyse/exxonmobil-corp/xom/financial-statements?source=esadlfltnal0001
Sales 471 billion
EBIT 73.5 billion
Income taxes paid 31 billion (45% of EBIT)

Apple http://www.dailyfinance.com/quote/nasdaq/apple/aapl/financial-statements?source=esadlfltnal0001
Sales 158 billion
EBIT 55.8 billion
Income taxes paid 14 billion (25% of EBIT)

Wal Mart http://www.dailyfinance.com/quote/nyse/wal-mart-stores/wmt/financial-statements?source=esadlfltnal0001
Sales 447 billion
EBIT 26.7 billion
Income taxes paid 8 billion (35% of EBIT)

GM http://www.dailyfinance.com/quote/nyse/general-motors-company/gm/financial-statements?source=esadlfltnal0001
Sales 150 billion
EBIT 10 billion
Income taxes paid 110 million (lol)

Merck http://www.dailyfinance.com/quote/nyse/merck-co-inc/mrk/financial-statements?source=esadlfltnal0001
Sales 48 billion
EBIT 8 billion
Income taxes paid 900 million (13% of EBIT)

I think we would all agree there are some head-scratchers on what corporations pay in taxes. Here is an interesting article on some that are not paying their share. There are more than a few energy companies listed.

http://www.washingtonpost.com/business/economy/whos-not-paying-corporate-taxes/2011/11/02/gIQAw9ArgM_graphic.html

[TheHumanAlphabet]

So what is this company you posted Exxon Mobile? never heard of it...


There is an Exxon Mobil, however. And it would appear they are paying their share of taxes...

[pphilfran]

You didn't state energy companies you specifically spoke of oil...

Just a quick look at the list and I think only El Paso is an oil or gas producer...lots of suppliers of gas...Lots of utilities...

The oil and gas industry, contrary to what many in DC force upon those that follow like sheep, pays more than their fair share of taxes

[pphilfran]

So what is this company you posted Exxon Mobile? never heard of it...


There is an Exxon Mobil, however. And it would appear they are paying their share of taxes...

Brain fart

[pphilfran]

Obama/Sir Henry/Nancy speak about obscene oil/gas profits and how they don't pay their fair share in taxes....so the sheep jump up and down and scream murder and want JUSTICE...little do the sheep realize that Obama/Sir Henry/Nancy are actually blowing smoke up their ***...

[pphilfran]

GE on the list shouldn't be a surprise to anyone....10 years ago or so I read an article about how they played the profit game to keep slow, steady growth over the long term...hold back on a good year and save it for the next to even things out...it was questionable even then...

[cleller]

Agreed, I still dont know how he got elected. Guess we(minnesota) needed a village idiot.

Al Franken is the Minn-Democrat version of Craig James. At least the Texans had the sense to nip James in the bud.

[sappstuf]

ObamaCare is about to exponentially increase their sales by making Medicaid suddenly available to millions of people. $60MM for them is a drop in the bucket. Their FY 2012 revenues were north of $15 billion.

After Massachusetts passed their new medical laws, there was no increase in medical device sales in that state. Why?

1. The majority of people getting insurance will be young and therefore not need any medical devices.
2. Federal laws prior to Obamacare already required providers to give medical devices if the persons needed them.

[diverdog]

I LOVE how the ****ing libs/progressives ALWAYS say DO AS I SAY, Not as I do... ****ing arseholes...

Oh you mean like how conservative senators bash gays while all along they are sucking ****behind close doors?

[diverdog]

GE on the list shouldn't be a surprise to anyone....10 years ago or so I read an article about how they played the profit game to keep slow, steady growth over the long term...hold back on a good year and save it for the next to even things out...it was questionable even then...

I have some issues with getting to EBIT. You can play a whole lot of games to reduce your exposure to taxes.

[Midtowner]

After Massachusetts passed their new medical laws, there was no increase in medical device sales in that state. Why?

1. The majority of people getting insurance will be young and therefore not need any medical devices.
2. Federal laws prior to Obamacare already required providers to give medical devices if the persons needed them.

Money has to come from somewhere. Many of the conservatives on this board apparently believe it grows on trees. Bush, for example passed the prescription drug coverage without any tax hikes whatsoever to pay for it. That was totally irresponsible. ObamaCare at least makes some attempt to address the cost side of things.

[sappstuf]

Money has to come from somewhere. Many of the conservatives on this board apparently believe it grows on trees. Bush, for example passed the prescription drug coverage without any tax hikes whatsoever to pay for it. That was totally irresponsible. ObamaCare at least makes some attempt to address the cost side of things.

So with your argument not working, you change directions.. And of course, you change it right to Bush. It is the Liberal equivalent of yelling "squirrel"!

[TitoMorelli]

Money has to come from somewhere. Many of the conservatives on this board apparently believe it grows on trees. Bush, for example passed the prescription drug coverage without any tax hikes whatsoever to pay for it. That was totally irresponsible. ObamaCare at least makes some attempt to address the cost side of things.

So which side acts as if money grows on trees? The side that wants to cut spending, or the one that wants to hurl us deeper and deeper into debt?

[bluedogok]

He said that he was laying folks off due to the tax?

Link?




Sure, he could just raise his prices by the 4% he was probably already going to hike 'em. It doesn't compute that a company with $16 billion in revenue would need to lay off 2,000 people because of a tax hike. That has more to do with overall operations efficiency and things of that nature. People are going to do business regardless of tax.
WGRZ - Local Layoffs Tied To Obama Care (http://www.wgrz.com/news/article/189219/1/Local-Layoffs-Tied-To-Obama-Care)


I would like to throw my 2-cents in since I have a St. Judes pacemaker that my insurance company paid 60K for in 2005. Mid is correct the profit margins on these kind of products is obscene.
Most people don't even know what they pay for these things, its hard to negotiate when you are not sure tomorrow is an option. Taxing these guys is not going to change the landscape, we need to get a grip on some of these charges.
Why are you guys always so quick to side with these fat-cat corporations? Med-tronic and St. Jude are not companies some guy runs in an industrial park. Try starting up one of these companies-I am sure they would be the ones to make it difficult. These guys are on par with the big-oil companies and the insurance companies. I would throw GE into the same mix. Would you guys be okay with GE paying at least a little Tax?
Corporations and businesses don't pay taxes, their customers do. All expenses and taxes get passed onto the end consumer, if they don't do that they go out of business.