James Love: “This is about the medical technology industry and a manufacturing success story, one of the last expanding manufacturing…”

“This is about the medical technology industry and a manufacturing success story, one of the last expanding manufacturing enterprises in the United States. While the U.S. is the current worldwide leader in medical technology innovation, that leadership is being threatened. I am speaking to you today about the medical device tax. This industry has a huge presence in Utah, and this unfair tax would have a negative effect on my district and the country as a whole. {time} 1615 In Utah, this industry has created more than 10,300 jobs and contributes over $5 billion to the State's economy. Recently, Congress has been focused on reducing taxes to make the United States a more attractive place to do business, but the medical technology industry would get a significant tax increase. Even with the recent tax changes, industry gains would be neutralized by this tax. Under the 2.3 percent excise tax, medical device manufacturers would be required to pay the IRS an estimated average of $194 million per month in medical device tax payments. In Utah, BD's total impact of the device tax is about $90 million on an annualized basis. For Edwards Lifesciences, this would be a $30 million expense. In a competitive global economy, this tax threatens the industry that directly employs 400,000 Americans, generates $25 billion in payroll, and invests nearly $10 billion in research and development annually.…”