Mr. Speaker, I rise today to speak about the burdensome medical device tax.
Originally passed as part of Obamacare, this terrible tax places a costly 2.3% sales tax on manufacturers of medical devices. Although Congress successfully suspended the tax, it unfortunately went back into effect on January 1, 2018, and is beginning to derail much of the progress we have made to foster job growth and innovation.
The medical device industry has a significant impact on my state’s economy and employees more than 4,000 Utahns. Merit Medical, a local Utah company, believes that this tax could cost them more than $7 million—having a devastating impact on their ability to expand jobs and continue medical research.
The current situation is a lose-lose for everybody. This tax is stifling job growth of our best medical technology innovators and slowing down the cutting-edge research that leads to breakthroughs in patient care and treatment. Surely, we can do better for the American people.
I call upon my colleagues to join together again and repeal this tax once and for all.