MDMA Continues Push for Repeal of Medical Device Tax
The Medical Device Manufacturers Association continues its push for the repeal of the 2.3 percent medical device tax in a news release issued on the two-year anniversary of the tax being signed into law as a part of the Affordable Care Act.
While the tax isn't scheduled for implementation until 2013, MDMA reports that the initial estimate of the tax costing companies $20 billion has increased to $30.5 billion.
"MDMA said from the beginning that the device tax would hamper job creation and patient care, and unfortunately we are already seeing this play out as companies plan for what is really a tax on innovation," said Mark Leahey, president and CEO of MDMA, in the release. "As the voice of small and innovative medical technology entrepreneurs, we know of many companies who will be paying more in taxes than they earn in profits starting in 2013."
Organizations joining MDMA's efforts to push for repeal include the U.S. Chamber of Commerce, the National Association of Manufacturers, the National Federation of Independent Business and the National Venture Capital Association.
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