The new Congress hasn't even taken their seats yet, and already representatives are moving forward with legislation to repeal the medical device excise tax, according to a Journal Gazette report.
Many predicted the new Congress would repeal the tax since there will be a Republican majority in both the House of Representatives and the Senate. There are a few Democrats who support the legislation as well, to make these efforts bipartisan.
The 2.3 percent excise tax is used to help pay for the Patient Protection and Affordable Care Act, and President Barack Obama already said he would veto any legislation attempting to dismantle his landmark overhaul of the healthcare system. However, according to the report, the new Congress could have enough power to override a presidential veto on this issue.
Here are five quick updates:
• Congress would need two-thirds of the voting members of each chamber to override a presidential veto.
• Past attempts failed to override the veto and were seen as largely symbolic.
• The tax is expected to raise $25 billion over 10 years, which began in 2013.
• The Medical Device Access and Innovation Protection Act to repeal the tax doesn't include a provision to offset lost revenue.
• Proponents of the repeal say the tax is costing jobs and postponing investments.