Tim Kaine’s Healthcare Law Is Killing Jobs In Virginia
When former Democrat National Committee (DNC) Chairman Tim Kaine announced his support for President Barack Obama’s healthcare law, it didn’t just cut $550 billion from Medicare but also included a slew of job-killing taxes that are crushing small businesses across Virginia.
As a result of the Obama-Kaine health care bill, Norfolk Southern has seen their healthcare costs increase by $27 billion. Meanwhile, the healthcare costs at Richmond-based Brinks Security has increased by $14 billion.
The healthcare law also includes $500 billion in new taxes, including a harmful tax on the medical device community, which is estimated to kill 45,000 jobs nationwide and will likely harm Health First – a Henrico-based medical supplier.
Additionally, Gail Johnson the CEO of Rainbow Station, a franchise based in Glen Allen that offers nationally accredited early childhood education and school age recreation programs has called the tax increases that Kaine advocated for a “job smasher.”
Notably, the Congressional Budget Office (CBO) has stated the healthcare law will kill 800,000 jobs nationwide.
- QUESTION: “In your estimation, the health care law would reduce employment by 800,000…”
- DOUGLAS ELMENDORF, CBO Director: “Yes… there would be a reduction of 800,000 workers.” (U.S. House Of Representatives, Budget Committee, Hearing, 2/10/11)
- QUESTION: “The last question is, it’s been argued and was argued here yesterday with the chairman, that the new health care law will create jobs and increase labor force participation. But if I recall from your analysis, it was quite the opposite. Is that not the case?”
- DOUGLAS ELMENDORF, CBO Director: “Yes.” (U.S. House Of Representatives, Budget Committee, Hearing, 2/10/11)
“It speaks volumes that small business owners in Norfolk, Richmond and Henrico have all come out against the job-killing tax increases that were in ObamaCare, which Tim Kaine enthusiastically supported,” said National Republican Senatorial Committee (NRSC) spokesman Brian Walsh.
BACKGROUND …
ObamaCare Has Increased The Cost Of Healthcare For Small Business Owners In Virginia
Virginia’s Norfolk Southern Corp. Took A $27 Million Charge For New Health Care Costs. “Norfolk Southern Corp. has announced it will pay about $27 million more in expenses for the first quarter of the year as a result of federal health care legislation signed last month. ‘Under the new legislation, to the extent the corporation’s future health-care drug expenses are reimbursed under the Medicare Part D retiree drug subsidy program, the reimbursed expenses will no longer be tax deductible after 2012,’ the company stated in a filing Monday with the Securities and Exchange Commission” (Robert McCabe, “Norfolk Southern To Pay $27M More After Health Care Bill,” The Virginian-Pilot, 4/8/10)
Richmond, VA-Based Brink’s Took A $14 Million Hit From ObamaCare. “The Brink’s Company, a global leader in security-related services, reported a first-quarter loss from continuing operations of $5 million ($.10 per share) versus income of $22 million last year ($.48 per share). Results include an income tax charge of $14 million ($.28 per share) related to recently enacted U.S. healthcare legislation.” (The Brink’s Company, “Brink’s Reports First-Quarter Results,” Press Release, 4/29/10)
Meanwhile The Medical Device Tax Will Kill 45,000 Jobs
RICHMOND BIZSENSE: “The health-care reform bill signed by President Obama last week brings with it new excise taxes on the medical device and pharmaceutical industries.” (“Health-Care Reform Brings New Taxes,” Richmond BizSense, 3/29/10)
RICHMOND BIZSENSE: “Wayne sale, the owner of a Henrico-based medical supply distributor Health First who heads up a national trade group that opposes the tax, says he expects manufacturers to pass the cost to him.” (“Health-Care Reform Brings New Taxes,” Richmond BizSense, 3/29/10)
BOSTON HERALD: “Boston Scientific’s chief executive yesterday ripped a tax on medical devices slated for 2013 and anticipated major layoffs at the Natick company if the levy — part of President Obama’s health-care overhaul — isn’t repealed. “It’s an outrage. It is soaking one of the last remaining industries in this country that pays (higher-than-average wages),” CEO Ray Elliott said at an industry conference in New York. “We’ve been very clear: We will have a lot less employees, if somebody tags us with a hundred million dollars worth of taxes.” Elliott’s comments came a week after trade group AdvaMed released a study finding that the 2.3 percent federal excise tax would lead to more than 45,000 job losses nationwide…” (Greg Turner, Boston Scientific CEO: Medical tax will mean job cuts, Boston Herald, 09/15/11)
