Rep. Schneider Helps Introduce Bipartisan Bill to Repeal Medical Device Tax
Today, U.S. Congressman Brad Schneider (IL-10) helped introduce bipartisan legislation that would repeal the 2.3 percent excise tax on medical device manufactures included in the 2010 health care reform law.
“While the Affordable Care Act was an important step forward in providing health care access to millions of Americans, I’ve been clear that it’s not perfect and there are areas that need to be reformed,” Schneider said. “Repealing the arbitrary medical-device tax is one area where Democrats and Republicans can come together, improve our health care system in a smart, sensible way and provide businesses with the certainty they need to invest in their future.”
The medical device industry employs nearly 400,000 Americans directly and is one of the few major U.S. industries that boasts a net trade surplus. A number of medical device manufacturers have roots in Illinois’s Tenth District, including Abbott Laboratories, Baxter Healthcare Corporation and Hospira Inc.
Schneider is an original co-sponsor of H.R. 523, which repeals a 2.3 percent tax on the sale of medical devices, such as heart valves, insulin pumps, MRIs and X-ray machines. The tax went into effect on January 1, 2013.