New Medical Device Tax Threatens Innovative American Industry

“By the end of next month, our long national nightmare of ObamaCare will hopefully be at an end. If the Supreme Court does not overturn the law in its entirety, however, it is imperative that Congress, along with the man we hope will be our new president Mitt Romney, repeal all 2,700 pages of the law.
One example of the perverse policies in the law is the new 2.3 percent excise tax that will be levied on medical equipment and devices starting in January of 2013, less than 200 days from now, and that will cost the medical technology industry more than $28 billion.

We strongly oppose this tax that was created to fund the president’s health law, have introduced legislation to repeal it and hope Democrats will join us to take down this job-crushing tax hike.
The medical device industry is central both to America’s economic growth and to the delivery of new, much-needed medical technology to patients. Between 1980 and 2000, new diagnostic and treatment tools, such as improved scanners, catheters and tools for minimally-invasive surgery, helped increase life expectancy by more than three years. Medical devices helped to slash the death rate from heart disease by a stunning 50 percent and cut the death rate from stroke by 30 percent.

But in a mad rush to find additional revenue to support the law’s trillions of dollars in new spending, the president and his Capitol Hill allies enacted this medical device tax despite the predictable impact on economic growth, job creation and health care innovation. What the proponents of the law fail to understand is the basic concept that if you tax something more you get less of it. If we want to be a nation leading the charge of new health care advancements to treat and cure diseases, then we must repeal this tax… ” – Senator Orrin Hatch and Representative Erik Paulsen

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