The $20 billion excise tax is now estimated to collect more than $30 million, according to the letter, and could have a significant negative impact on new innovation, healthcare costs and patient care.
“Unfortunately, the healthcare law imposes over $30 billion in new excise taxes on medical technology companies that are stifling innovations and U.S. competitiveness,” states the letter. “The tax is already having an adverse impact on R&D investment and job creation, jeopardizing the U.S. global leadership position in medical device innovation. If the tax is not repealed, it will continue to force affected companies to cut manufacturing operations, research and development and employment levels to recoup the lost earnings. It will also adversely impact patient access to new and innovative medical technologies.”
There is currently a bill to repeal the tax that has bipartisan support.
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