Peripheral Artery Disease Patients
Floor Speech
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Mr. PAULSEN. Mr. Speaker, thousands of unnecessary amputations are conducted each and every year as a treatment for those who have peripheral artery disease.
PAD patients suffer from poor blood circulation, which often results in amputation, higher mortality rates, and the other complications that come with it. It doesn't have to be this way.
Minnesota is the epicenter for groundbreaking innovation in new PAD treatments. Dr. Osama Ibrahim of Minneapolis' North Memorial Hospital is helping spread the word about revascularizations instead of amputations. The University of Minnesota and the Mayo Clinic are also at the forefront of these new procedures.
I am working now with Congressman Donald Payne to raise PAD awareness, increase screening for at-risk patients, and improve access to care to different therapies so patients don't have to undergo unnecessary amputations. This means better healthcare outcomes, as well as a higher quality of life for thousands of Americans coping with PAD every year. Support the American Innovation Act
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Mr. PAULSEN. Mr. Speaker, I speak in favor of H.R. 6756, the American Innovation Act, which will spur innovation by helping startups survive the first few years of their existence and access the capital they need to grow and expand.
This bill also includes a key provision that I authored to help entrepreneurs not only survive, but thrive. Entrepreneurs and startups are a key source of innovation and job creation, particularly in Minnesota.
But the tax code today puts them at a disadvantage. It makes it harder for them to access new capital, and it disadvantages them as they struggle through the hardest part of their existence, which is the very first few years of profitability. This bill changes that. It brings tax regulations for governing startups now into the 21st century so that entrepreneurs and capital intensive sectors, like medical devices, can make the necessary investments in research, development, and manufacturing to grow and hire more people.
Ultimately, this means more jobs and more flexibility for Minnesota entrepreneurs to not just come up with the next big idea, but to actually make it a reality. I hope my colleagues will join me in supporting this legislation. Support the Family Savings Act
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Mr. PAULSEN. Mr. Speaker, I rise in support of H.R. 6757, the Family Savings Act, which includes a provision that I authored that improves 529 college savings plans.
Now, we all know that 529 college savings plans are a popular saving tool to help families save for college costs tax free. But today, student loan payments are not a qualified expense. Withdrawing any funds from the 529 for any other reason results in those funds being taxed as ordinary income, as well as a 10 percent penalty.
That is why I authored legislation to solve and address this problem, and it was included in the Family Savings Act. By expanding the list of 529 qualified expenses to also include student loan payments, this will allow a 529 savings plan to be used to pay up to $10,000 in student loans. It will certainly help make it easier now to pay off loans and mitigate the anxiety that comes for a new graduate who is starting a career.
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