Bill Cassidy: “There is a fellow who started a medical device startup in New Orleans, and he was saying that he had an offer to move…”

“There is a fellow who started a medical device startup in New Orleans, and he was saying that he had an offer to move his business to Panama because a major portion of his market is overseas. So the medical device tax is, of course, a tax upon the gross of a business. If he moves overseas to Panama, taking those jobs with him, and continues to sell internationally and not pay tax on that but is taxed only on that which he brings back to the United States, then he is obviously reducing his tax burden. Those are high-paying, white- collar jobs in New Orleans, a city recovering from Katrina. If the power to tax is the power to destroy, this tax has the power to destroy the ability of this gentleman to continue to expand in New Orleans.”