H.R. 184 repeals Obamacare’s 2.3 percent excise tax on medical devices.
ATR Urges a Yes VOTE
Today, the House of Representatives will consider H.R. 184, the “Protect Medical Innovation Act of 2018,” introduced by Congressman Erik Paulsen (R-MN). This legislation repeals the 2.3 percent excise tax on medical device manufacturers that is currently set to go into effect in 2020.
Obamacare’s taxes have driven costs up, reduced choice, and needlessly punished American families with higher taxes. Over the long term, all Obamacare taxes should be repealed. However, this legislation represents a step in the right direction toward conservative healthcare reform.
First imposed in 2013, the tax is paused for 2018 and 2019, but will go into effect in 2020 absent congressional action.
This excise tax is projected to increase taxes by $30 billion over a decade, so supporting full repeal of the medical device tax represents significant tax reduction that will also help lower health care costs. Failing to act and allowing the medical device tax to go into effect in 2020 will lead to higher healthcare costs in the future.
Repeal of the medical device tax will also relive businesses of a major financial burden, as the 6,500 medical device manufacturers contribute $150 billion to the U.S. economy. This legislation will also offer strong relief to small businesses, as over 80 percent of medical device manufacturers are small businesses.
ATR Urges a Yes Vote on the Protect Medical Innovation Act.