Lawmakers look to repeal medical device tax

Momentum is building in Congress to repeal the medical device tax.

A group of bipartisan lawmakers are working to repeal the 2.3 percent tax on medical device sales, which was instituted as part of the Affordable Care Act, according to several news sources.

They are backing legislation sponsored by Rep. Erik Paulson (R-Minn.), the Protect Medical Innovation Act. According to Paulsen, the device tax has resulted in the loss of more than 33,000 jobs and future losses are estimated at 132,000. “The medical device tax continues to eliminate thousands of good-paying jobs and stifle medical innovation,” he said in a statement.

Paulsen’s legislation not only eliminates the tax but would refund companies for taxes already paid.

To date, the bill has support from well over half the House, including two dozen Democrats. However, they face obstacles if they are unable to find the money elsewhere to offset the revenue lost from repeal. The tax is expected to raise nearly $30 billion over a decade, reports The Hill.