Medical companies brace for 'devastating' ObamaCare tax, prepare for layoffs

Andre DiMino has been running medical device company ADM Tronics since his father, who founded the decades-old firm, died in 2001. He's never laid off anybody.

Medical companies brace for 'devastating' ObamaCare tax, prepare for layoffs Admtronics2y

"These people are like family with us," he said.

The boss might not be able to hold out much longer. Come Jan. 1, an ObamaCare-tied tax specific to his industry is expected to go into effect. Though the Obama administration has downplayed the impact, DiMino calls it "devastating."

"I think after all of these decades of not laying people off, I think we may have to face that," DiMino told FoxNews.com. He predicted he might have to immediately lay off three people in his manufacturing division and possibly more after that.

DiMino, whose Bergen County, N.J., business currently employs 20 workers, is one of hundreds of CEOs across the country clamoring for Washington's attention, urging lawmakers to kill the tax before it kills jobs.

In just the last few days, the intense lobbying push elicited some measure of response. On Monday, 18 Democratic senators and senators-elect asked Senate Democratic Leader Harry Reid to delay the tax, citing the business impact. They noted the industry employs more than 400,000 people, and is dealing with "significant uncertainty and confusion."

Many in the industry, though, have been clear-eyed about what the tax means -- preemptive layoffs and significant cutbacks in research and development.

More: http://www.foxnews.com/politics/2012/12/13/medical-companies-brace-for-devastating-obamacare-tax-prepare-for-layoffs/

Medical companies brace for 'devastating' ObamaCare tax, prepare for layoffs

Medical companies brace for 'devastating' ObamaCare tax, prepare for layoffs

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