On the recordJune 17, 2015
I am rising today in support of H.R. 160, the Protect Medical Innovation Act of 2015. What this will do is repeal the device tax. Now, the device tax, the medical device tax, was a misplaced and disastrous tax that was put in as an ObamaCare mandate. What it will do is tax the medical device industry and those who utilize those components. This is an industry that doesn't need to be taxed. It employs more than 400,000 workers nationwide and generates $25 billion in payroll. In my State of Tennessee, there are 10,000 individuals who work in this industry, and the Manhattan Institute estimates that unless we repeal this tax and get it off the books now, we will lose 1,000 of those jobs. That is a 10 percent reduction in a component, a part of the economy that generates good paying jobs, 40 percent higher than other manufacturing jobs. I ask my colleagues to join me. Let's repeal the medical device tax. ____________________
