Erik Paulsen: “I thank the chairman for yielding, and I thank him for his leadership on the committee as well. Mr. Speaker and Members…”

“I thank the chairman for yielding, and I thank him for his leadership on the committee as well. Mr. Speaker and Members, the medical technology industry is one of America's greatest success stories. This is an industry that has led the global device industry for decades with life-improving, lifesaving technologies that help patients and literally save lives. This device industry employs 423,000 Americans across the country. Some of our States, like Minnesota, have a high propensity because we have a huge ecosystem of medical technology--35,000 jobs, alone, in my State. But all that will change, Mr. Speaker, unless we act to stop a new medical device, a new $29 million tax that is going to be imposed in just a little over 6 months that was part of the President's new health care law. Now, this is an excise tax. It is not on profits. It is a tax that is going to be on revenue. What does that mean? Well, we all know the names of the big companies that are successful and do really well across the country and sell throughout the world. I will tell you this: almost every week I get a chance to tour a company that has five employees, that has 10 employees. You have never heard of these companies, but they are working on lifesaving and life- improving technologies. They are doctors. They are engineers. They are entrepreneurs. They are innovators. This tax will change all that because it's estimated that this tax will cost 10 percent of the workforce.…”