Medical Device Tax Repeal Heating Up
Following up on the hearing from B. Braun Medical Inc. advocating for the repeal of the medical device tax, according to news sources, more than a dozen House Democrats are pressuring leadership to advance a bill repealing ObamaCare’s medical device tax before Memorial Day (May 25). Leading the charge is Representative Scott Peters (Calif.), who, in a letter dated May 1, urged a “timely passage” of H.R. 160, the Protect Medical Innovation Act, to Speaker John Boehner and Minority Leader Nancy Pelosi. According to Peters:
As companies look to make cuts to offset the tax, one of the first items to go is research and development. This undermines the future of the industry, and puts the discovery of new breakthrough medical technologies at risk.
While the repeal of the tax is receiving bipartisan support , the Obama administration is likely to oppose the repeal unless lawmakers can find a way to make up the cost, an estimated $26 billion over the 2015-2024 period according to a report by the Center on Budget and Policy Priorities. Further, it seems unclear whether there is enough debate time in order to meet Representative Peter’s Memorial Day deadline. However, it seems clear that at least one major push to repeal the tax will be coming soon.