Minnesota Representative Erik Paulsen (R-Minn.) has announced that his proposed legislation to repeal a $20 billion tax on medical device companies has gained 100 co-sponsors from both parties, according to a Minneapolis/St. Paul Business Journal news report.
"A $20 billion tax hike on medical device manufacturers will destroy jobs, stifle innovation, increase costs for patients while decreasing access to these life-saving technologies," said Rep. Paulsen in a news release. "In order to encourage innovation, as the Secretary and President have indicated in the recently introduced budget, we must repeal this tax and put in place policies that will lead to the further competitiveness of our American innovators."
The tax on medical device companies spurred intense opposition by many Minnesota-based companies, including device giant Medtronic.
Read the news report about Rep. Paulsen's move to repeal the tax hike on device companies.
Read other coverage about device companies:
- BoneGrafix Announces Global Biotech's Minority Stake
- Tornier Introduces 4 New Orthopedic Products
- MAKO Surgical Posts 4Q Revenue of $14.8M, 67% Increase
"A $20 billion tax hike on medical device manufacturers will destroy jobs, stifle innovation, increase costs for patients while decreasing access to these life-saving technologies," said Rep. Paulsen in a news release. "In order to encourage innovation, as the Secretary and President have indicated in the recently introduced budget, we must repeal this tax and put in place policies that will lead to the further competitiveness of our American innovators."
The tax on medical device companies spurred intense opposition by many Minnesota-based companies, including device giant Medtronic.
Read the news report about Rep. Paulsen's move to repeal the tax hike on device companies.
Read other coverage about device companies:
- BoneGrafix Announces Global Biotech's Minority Stake
- Tornier Introduces 4 New Orthopedic Products
- MAKO Surgical Posts 4Q Revenue of $14.8M, 67% Increase