Olson Votes to Repeal Medical Device Tax
Rep. Pete Olson (TX-22) today voted to protect medical innovation by repealing a punitive 2.3% excise tax placed on medical devices through Obamacare. This tax merely punishes a critical industry that produces lifesaving and life improving devices. As a result, jobs are lost and new innovations are discouraged. The bill, H.R. 160, Protect Medical Innovation Act, passed the House by a vote of 280 to 140.
â€œObamacare created a number of atrocities that weaken medical innovation and lower the quality of care Americans receive," Rep. Olson said. â€œOne crushing Obamacare mandate directly hit the medical device industry through a 2.3% tax that stifles innovation. This tax makes it more expensive for doctors and medical professionals to develop new, life-saving technologies that greatly enhance quality of life. Iâ€™m proud to vote to free innovators from heavy taxation and government overreach. This vote allows Americans to benefit from new discoveries, more jobs, and more lives saved. I hope the Senate will act quickly as well.â€
According to AdvaMed:
- The Medical Device Tax resulted in employment reductions of 14,000 industry workers in 2013 and years prior to implementation of the tax, with approximately an additional 4,500 jobs lost in 2014.
- Furthermore, the industry will forgo hiring of nearly 20,500 employees over the next five years.
- Considering both jobs lost and jobs not created, the tax will result in 39,000 fewer industry jobs.
Media Contact: Melissa Kelly