On the recordSeptember 28, 2013
We all know that the medical technology industry is one of America's leading manufacturing industries and has huge potential to continue being a vehicle for creating jobs. This American success story employs more than 400,000 workers, pays salaries 40 percent higher than the average national wage, is one of our country's few industries that actually exports more than it imports; and it is an industry that is fueled by innovation and is made up of mostly small businesses. Eighty percent of these businesses have less than 50 employees; 98 percent of them have less than 500. Most importantly, however, this is an industry that saves and improves lives for patients. Medical devices helped slash the death rate from heart disease by a stunning 50 percent and cut the death rate from stroke by 30 percent. But, Mr. Speaker, last January, a new $30 billion medical device tax was enacted as a part of ObamaCare. It's not a tax on profit; it's a tax on revenue. It's a tax on sales. Nobody can explain why this industry was singled out, other than tens of billions of dollars needed to be brought in to pay for an over- trillion-dollar law. But you know what, the effects have been devastating--10,000 job losses across the country have been announced; companies are moving their operations overseas. And once these jobs move overseas, they don't just come back.…
