January 8, 2015
Rep. Scott Peters Fights to Repeal Medical Device Tax
Congressman Scott Peters (CA-52) joined a bipartisan group of colleagues to call for repeal of the Medical Device Tax, an excise tax included in the Affordable Care Act (ACA) which unfairly penalizes innovative job-creators. The San Diego region’s medical device industry comprises 240 companies and employs more than 11,000 workers.
“At a time when the main concern for majority of Americans is job creation, Congress needs to be supporting the growth of businesses that make their products in America and employ American workers,” Rep. Peters said. “San Diego’s and America’s economic future depends on the success of our innovators. Congress needs to support them by repealing this tax.”
“As an advocate for innovation companies, CONNECT applauds the current effort to repeal the Medical Device Excise Tax which passed as part of the Affordable Care Act,” said Greg McKee, CEO of CONNECT. “The tax is inequitable, hitting small and medium sized companies much harder than larger companies that can absorb the costs, thereby inhibiting innovation and growth. The goal of healthcare reform was to reduce costs while improving patient care. Younger medical device companies are answering this call by working tirelessly to develop new treatments and techniques that both improve healthcare and reduce costs. We must do all we can to encourage and promote research, development, and investment in innovation because that is where the keys to life changing discoveries lie. The repeal of the medical device tax is a move in the right direction.”