As congress reaches a last minute compromise on the so-called "fiscal cliff," the medical device industry says the fight to repeal 2.3% excise tax will continue
The medical device industry will continue to fight for repeal of the medical device excise tax, despite the fact that a rollback of the levy was not included in the compromise lawmakers made to avert the so called "fiscal cliff."
Medical Device industry lobbying group AdvaMed issued a statement Wednesday promising to continue the fight against the 2.3% top-line tax, which is now in effect as the calender turns over to 2013.
“The effort to repeal the medical device tax will continue," Stephen Ubl, president and CEO of AdvaMed said in a prepared statement. "The passage of a scaled-back fiscal cliff package that did not address the medical device tax does not diminish the need to repeal the tax. It also does not diminish the bipartisan support for the repeal effort, which is premised on the recognition that the tax is costing jobs and threatening patient care. We urge Congress to repeal the device tax as it returns to address the other pressing tax and budget issues facing the country, so that we can avoid going over the medical technology innovation cliff."
Lawmakers in Capitol Hill reached a deal on tax rates for individuals late Tuesday with the House of Representatives passing a Senate compromise bill 257-167 that will raise taxes on individuals earning $400,000 or more. The deal passed in the Upper House by a rare bi-partisan show of support 89-8.
Medical Device Manufacturers Association president Mark Leahey said in a statement that the industry council was "dissapointed" that a repeal of the device tax wasn't included but pointed out that he was "heartened by the bipartisan and growing support in both the House and Senate to end this policy."
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