Rep. Erik Paulsen (R-MN) and Rep. Ron Kind (D-WI) on February 6 introduced HR 523, the Protect Medical Innovation Act, which is aimed at repealing the 2.3% excise tax on medical devices.
Kind introduced the legislation in the House of Representatives with a bipartisan group of 175 co-sponsors. Companion legislation will soon be introduced in the Senate by Sen. Orrin Hatch (R-UT) and Sen. Amy Klobuchar (D-MN).
In introducing the bill, the representatives said they believe that placing a new tax on medical device developers, which employ more than 400,000 Americans, could impede economic growth and job creation.
"In fact, companies have already laid off thousands of employees as a result of this onerous new tax, and more jobs will be lost now that this tax is in effect," Paulsen said. "It's not only costing our country jobs and deterring innovation, but more importantly, it will reduce patient access to cutting-edge medical products and treatments that save lives."
