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Erik Paulsen - Fiscal Responsibility?

Category: Erik Paulsen
Posted: 06/19/15 11:16

by Dave Mindeman

The Medical Device Tax repeal passed the House (again), and Erik "Mr. Fiscal Responsibility" Paulsen says.....

Regardless, at least for today, Paulsen was all smiles. The pay-for "wasn't a hang-up in the House and it won't be a hang-up in the Senate whatsoever," he said.

By "pay-for", Paulsen is referring to a revenue offset for the loss of tax dollars that would happen if the Device Tax is repealed. Paulsen has NEVER offered any kind of offset....never. As it moves into the Senate, the new Republican controlled Senate, Paulsen expects, even hopes, that that deficit hole continues.

That seems to be the new definition of Republican fiscal policy.

Of course, the GOP hopes that the Supreme Court shuts down Obamacare.. although a number of GOPers are starting to realize that if Obamacare goes away, they have to figure out the aftermath. With control of both the House and the Senate, they will be held responsible for all of those people who will lose their health insurance.

But in Paulsen world, none of that matters. His corporate sugar daddies have one focus - the Device Tax. Therefore, Paulsen has one focus. The same thing. Why worry about budgets and offsets and replacement money.

That's for people who care about balanced budgets and paying for things.

Rep. Erik Paulsen doesn't do that.
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On Device Tax, Paulsen Prefers Status Quo Than Actual Movement

Category: Erik Paulsen
Posted: 06/03/15 11:04

by Dave Mindeman

Rep. Erik Paulsen is feeling good about his Medical Device Tax repeal....

"I feel real good [about] moving it through the House, and the fact that there's new Senate leadership that is interested in bringing the bill forward, at some point -- I feel good about actually clearing the hurdles to move this bad policy to the president's desk," Rep. Erik Paulsen, a Minnesota Republican, told MarketWatch.

There is always this one nagging problem.....

Paulsen's bill does not include a way to make up for revenue that would be lost from repealing the tax. The congressional Joint Economic Committee says doing so would reduce revenues by $26.5 billion from 2016 through 2025.

Paulsen has been promoting this repeal since it was instituted. But in all that time he has never put together a way to replace those revenues. But here is what he says to address that....

The congressman defended the measure's lack of a so-called budget offset, noting lawmakers have approved unpaid-for tax "extenders" in the past. He added it is possible that Republican leadership may include an offset.

Yeah, Congress does this irresponsible method of budgeting all the time. Let the leadership figure it out. That way, Paulsen gets a pass on responsibility. Isn't Congress something? Isn't Paulsen something?

Paulsen is optimistic. Funny, he has all the Minnesota Democrats on board and he even has Sen. Elizabeth Warren supporting it (Boston Scientific is in Massachusetts). And yet, it still isn't law.

It will probably pass the Senate this time around...but getting Obama to sign it will require a pesky revenue offset. And Paulsen doesn't seem to have the political cajones to recommend something.

It's easier to be the guy who gets the credit for promoting the bill. To be the "champion" of the Medical Device industry. Finding a revenue offset would mean taking an actual position that could draw criticism.

That would take a bit of political courage....and we know that Erik Paulsen has none of that.

Status quo, Paulsen, status quo.
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Poor Medtronic

Category: Erik Paulsen
Posted: 02/17/15 10:41

by Dave Mindeman

Poor Medtronic. That Medical Device Tax is just killing them.

Looking back over its final quarter as a U.S.-headquartered company, Minnesota medical device giant Medtronic Inc. on Tuesday reported earning 98 cents per share on $4.32 billion in revenue, beating Wall Street estimates.

They are being stifled by the tax. Can't forge their way forward.

On Tuesday, the company said its cardiac-rhythm division turned in $1.27 billion in revenue, which was 7 percent growth over the same quarter last year. The spine division had $740 million in revenue, a drop of 1 percent. After adjusting for currency fluctuations, the cardiac and spine divisions grew by 12 percent and 2 percent, respectively.

If that tax is not repealed, Medtronic will have "onerous" consequences.

Omar Ishrak, who remains chief executive of the combined company, said in a news release that it was "a strong quarter, with revenue growth well above our outlook range for the fiscal year."

This is the last time they will report as a US company. Future reports will be combined with Covidian - as an Irish conglomerate.

Poor Medtronic. A company in desperate need of a tax break.

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