Congressman Thomas Massie (R-KY) has signed on as an original co-sponsor of a bill to repeal the new medical device tax. H.R. 523, the Protect Medical Innovation Act, would repeal the $30 billion medical device tax contained in Obamacare, which took effect January 1 of this year.
"The federal government should not tax innovation," stated Massie. "Technological advances in the medical sector save lives. With this tax, Washington is discouraging innovation, and hurting patients who would otherwise benefit from medical breakthroughs."
H.R. 523 is a bipartisan measure with over 100 co-sponsors. The medical device tax will add almost an additional 30% percent per year to the amount the device industry already pays in federal tax. Several medical device companies including Stryker and Boston Scientific have already announced plans to curtail U.S. expansion, shift production abroad, or lay off U.S. workers because of the coming impact of the tax.