In Speech, Hatch Pushes for Repeal of Job-Killing Medical Device Tax, Outlines Impact on Utah Utah Senator says the 120 medical device companies in Utah “are under assault as a result of this tax, targeted for nothing other than their success and the fact that they were a so-called.....
PoliticalNews.me - May 31,2012 - In Speech, Hatch Pushes for Repeal of Job-Killing Medical Device Tax, Outlines Impact on Utah
Utah Senator says the 120 medical device companies in Utah “are under assault as a result of this tax, targeted for nothing other than their success and the fact that they were a so-called stakeholder that could pay its so-called fair share to subsidize the President’s health spending bonanza.”
In a speech on the Senate floor, U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, called on his colleagues in the Senate to support his amendment to repeal the job-killing medical device tax that was included in the $2.6 trillion health spending law. Hatch filed the amendment to S. 3187, the Food and Drug Administration Safety and Innovation Act which is being debated in the Senate this week. To watch Senator Hatch's full speech click HERE
“Obamacare’s $28 billion tax hike on these [medical device] manufacturers will do nothing to improve health care, but it will do plenty to undercut the viability of these companies that provide good wages and good opportunities to American families,” said Hatch.
Under the Patient Protection and Affordable Care Act (PPACA), medical devices ranging from surgical tools to bed pans will get hit with a 2.3 percent excise tax hike that will raise $28.5 billion in revenue over 10 years and ultimately hinder industry innovation, job creation and the overall delivery of quality patient care to fund the $2.6 trillion health law. The Hatch Amendment, which mirrors legislation (S. 17) he introduced earlier this Congress, would immediately repeal the tax, which is slated to take effect in 2013.
Hatch added that the 120 medical device companies in Utah “are under assault as a result of this tax, targeted for nothing other than their success and the fact that they were a so-called stakeholder that could pay its so-called fair share to subsidize the President’s health spending bonanza.”
Salt Lake City-based medical device manufacturer Dynatronics has said that the “2.3% tax presents a serious threat to the survival of many companies,” and added that repealing the tax is “critical to protecting a significant industry in the United States and to prevent the loss of our world-wide leadership position.”
Hatch, who has championed efforts in Congress to repeal the entire health law, further reiterated his position for full repeal of the health law.
“Whatever the Supreme Court does, I want to be clear about something. All of ObamaCare needs to go. It needs to be pulled out root and branch. The entire thing needs to be repealed,” Hatch said.
Below is the text of Hatch’s full speech delivered on the Senate floor today:
Mr. President, I rise to discuss my amendment that would repeal the costly and counterproductive medical device tax in President Obama’s health care law.
In the mad scramble to find money to pay for his $2.6 trillion health spending law, the President and his Democrat allies created a number of new taxes that serve no purpose
