Stefanik Speaks on House Floor in Support of Medical Device Tax Repeal
Washington, D.C.–Today, Congresswoman Elise Stefanik (R-NY-21) spoke on the House floor in support of repealing Obamacare’s medical device tax. Below is a transcript of her remarks, or for video, click here.
Mr. Speaker, I rise today to continue to lead the fight to repeal the Medical Device Tax.
This is a tax on revenue rather than profit. It leads to some of the highest corporate tax rates in the world and creates undue harm to an industry that not only creates jobs, but also improves our health and well-being.
A company located in my district, NuMed, employs over 80 people and produces stents and other vascular equipment. The medical device tax prevents NuMed from increasing their budget on research and development by 15 percent.
AngioDynamics -- another company in my district -- employs 950 people and creates more than a hundred different medical devices, including the AngioVac System used to treat blood clots.
Recently one of their executives said, “the one million that AngioDynamics pays in federal excise taxes on medical device company revenues could instead be used to employ another 10 to 15 people.”
We must repeal this burdensome tax to help create jobs and improve patient outcomes.
Thank you and I yield back.