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Paulsen Introduces Legislation to Repeal Medical Device Tax
04/21/10Paulsen Introduces Legislation to Repeal Medical Device Tax
MN Congressman’s bill aimed at preventing harmful impact of new tax on jobs, innovation
FOR IMMEDIATE RELEASE: April 21, 2010
CONTACT: Luke Friedrich (952) 405-8510 / Andrew Foxwell (202) 225-2871
WASHINGTON – Congressman Erik Paulsen (MN-03) today introduced the Defend Medical Innovation Act, legislation that would immediately repeal the job-killing $20 billion medical device tax included in the recently-passed Health Care and Education Reconciliation Act of 2010. Paulsen, Co-Chair of the House Medical Technology Caucus, introduced the legislation with 26 original co-sponsors representing Congressional Districts across the United States.
“The medical technology industry is an American success story, responsible for life-saving technologies and tens of thousands of jobs in Minnesota alone" Paulsen said. "Once it takes effect, this tax will harm job growth, slow innovation and raise costs. The right thing to do is stop this tax now, before its negative impact takes hold."
The medical device industry is a key sector in the United States economy. Consider the following facts and figures from the International Trade Association:
· There are approximately 8,500 medical device firms in the United States, and they employ over 350,000 people.
· The average salary for workers in this sector is $70,000, or 49 percent more than the average private sector job, and 18 percent more than the average manufacturing job. High-paying jobs like these create additional jobs elsewhere in the economy because of the greater income generated.
Paulsen has consistently fought against the harmful medical device tax, most recently by attempting to offer an amendment that would have removed the tax before a final vote on the health care bill.
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