Representative Sandy Adams (FL-24) released the following statement after voting for H.R. 436, the Health Care Cost Reduction Act of 2012, which would repeal ObamaCare's medical device tax. This disastrous 2.3 percent excise tax on medical device manufacturers would lead to job loss, stifled medical innovation, and increased patient costs. Additionally, through cost-cutting provisions in H.R. 436, the nonpartisan Congressional Budget Office estimates the bill would decrease the deficit by $6.7 billion over the 2013-2022 period.
"The medical device tax included in ObamaCare is another example of a flawed and unpopular law that must be repealed. It was meant to be used as a tool to pay for the 2,400-page boondoggle, however, the 2.3 percent excise tax would have a severe impact on the medical device industry and the nation's struggling economy. Between 2013 and 2022, taxes are projected to increase on device manufacturers by almost $29 billion. This increase will undoubtedly be felt by patients seeking care and the more than 400,000 workers nationwide who are employed by the medical device industry. At a time of high unemployment, Americans cannot afford the job losses and increased premium costs that will most certainly result from the medical device tax if it is not repealed. On behalf of the seniors who rely on medical devices and the small businesses who face higher costs, I urge the Senate to repeal this damaging tax."