Senator Todd Young on Thursday sent a letter to President Donald Trump urging him to push Congress to act quickly on the onerous medical device tax. The U.S. House of Representatives could vote on a medical device tax repeal bill as early as next week. If the bill passes the House it will head to the Senate.
“In the coming days and weeks, both the U.S. House of Representatives and the U.S. Senate have an opportunity to pass legislation that will prevent this looming tax hike. I urge you to seize this moment and continue your leadership by pushing Congress to repeal the onerous tax on medical innovation once and for all,” Sen. Young wrote in the letter.
“Every day this tax remains, we continue to slow medical advancements and hinder patient care, job creation, and investments. Patients depend on cutting edge, life-saving technologies in order to live longer, healthier lives. I remain committed to working together with you to bring an end this reckless innovation tax.”
As noted on a bipartisan basis in Congress, the medical device tax has an especially detrimental impact on Indiana given the high number of jobs in the state directly associated with companies that produce medical devices subject to the tax.
The Indiana Chamber believes this tax also represents a particularly offensive and counterproductive form of taxation in that it is tied to the volume of production and not the profitability or income related to that production. This tax is a tax on medical innovation. It also drives up the cost of medical care and adversely impacts individuals, often senior citizens, with physical infirmities. The federal government should be looking for ways to decrease, not increase, the cost of medical care.
The Indiana Chamber applauds Sen. Young as well as Sen. Joe Donnelly and the rest of our delegation for being vocal in the need to repeal this detrimental tax.
Resource: Greg Ellis at (317) 264-6881 or email: [email protected]