Published: June 08, 2012
Washington – Business Roundtable (BRT) today welcomed House passage of H.R. 436, the Protect Medical Innovation Act of 2011, which repeals a $30 billion medical device tax, and called for swift action by the Senate.
“The tax on medical devices would simply be passed on to consumers, adding to health care costs without any corresponding improvement in quality of care,” said BRT President John Engler. “We applaud Rep. Erik Paulsen, House Ways and Means Chairman Dave Camp and Speaker John Boehner for their leadership on repealing this unnecessary tax.”
As approved today by the U.S. House of Representatives by a vote of 270 - 146, H.R. 436 would repeal the 2.3 percent federal tax on medical device sales scheduled to take effect in January. BRT CEOs have opposed the tax, along with unnecessary taxes on insurance plans and pharmaceuticals, since they were enacted as part of the Patient Protection and Affordable Care Act in March 2010, and called for elimination of those taxes in their pro-growth policy agenda, ‘Taking Action for America: A CEO Plan for Jobs and Economic Growth,’ released earlier this year.
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Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $150 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay $163 billion in dividends to shareholders and generate an estimated $420 billion in sales for small and medium-sized businesses annually.
BRT companies give nearly $9 billion a year in combined charitable contributions.
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