Obviously for us as an industry, it causes undue harm.
The tax took away our ability to accumulate funds to replace assets. We were strapped for cash flow.
THE FDA WANTS TO PUT YOU OUT OF BUSINESS….Every health food store is under immediate threat of siege. Congress wants to give FDA police powers so they can seize products without notification and use heavy fines and court penalties to close you down. FDA wants to destroy your supplemental business by making many items prescription only. FDA wants to make it illegal for you to sell the majority of your best selling products. DON’T LET THE FDA TAKE YOUR VITAMINS AWAY
If the regulations go into effect, the products will be taken off the market because the manufacturers won’t take the health-claim labeling off. They are the lifeblood of the industry.
Repeatedly attempt[ing] to impose unnecessarily stringent standards that would leave many if not most supplement companies with no practical choice but to close their doors.
This is really the Dr. Kevorkian plan for our economy. It will kill jobs, kill businesses, and yes, kill even the higher tax revenues that these suicidal tax increasers hope to gain.
Do you know what? This is now your package. We will come back here next year and try to help you when this puts the economy in the gutter. And virtually every major economic estimating firm in this country says your bill is going to kill jobs. That is why we are passionate about it.
Taxes will go up. The economy will sputter along. Dreams will be put off and all this for the hollow promise of deficit reduction and magical theories of lower interest rates. Like so many of the President's past promises, deficit reduction will be another cruel hoax. Tax revenues will lag because the economy will fall. Government spending will increase at least another $300 billion a year. And the deficit will reach another record high.
I believe this will lead to a recession next year. This is the Democrat machine's recession, and each one of them will be held personally accountable.
The budget proposal offered by the Democrats is a recipe for economic and fiscal disaster. It proposes to increase taxes at a time when Americans are already overtaxed. It proposes to increase taxes at a time when we have a fragile economy--higher taxes will only stifle job creation and economic growth.
