OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

The Medical Device Industry

Floor Speech

Date: Sept. 19, 2013
Location: Washington, DC
Issues: Technology and Communication Health Insurance Health and Health Care

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Mr. VALADAO. Thank you.

The Patient Protection and Affordable Care Act, also known as ObamaCare, implemented numerous taxes on the American people. One such tax, a nearly $30 billion medical device tax, took effect on January 1, 2013. This tax hurts American jobs and harms innovation in the marketplace.

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As of this past July, the tax had already cost device manufacturers $1 billion. For fiscal year 2014, which starts October 1, the device will cost manufacturers over $2.5 billion. The additional cost burdens resulting from this tax will force manufacturers to reduce or freeze hiring or even eliminate current employees, putting over 43,000 American jobs at risk. That's why I cosponsored the Protect American Innovation Act, which aims to repeal the excise taxes on medical devices.

This is a bipartisan bill with substantial support from both Democrats and Republicans. Both parties know that the medical device tax hurts patients' access to medical innovation and the competitiveness of this important sector for manufacturing and high-skilled jobs. As legislators, we need to be promoting American innovation and protecting American manufacturing, not stifling it.

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