New Commerce Department data shows the negative impact of the medical device tax. The American medtech industry saw jobs fall by nearly 29,000 while the tax was in effect: From 2012-2015, jobs declined 7.2% — from 401,472 to 372,638.
These numbers underscore the urgent need for its permanent repeal. The suspension of the tax has allowed medtech companies to reinvest resources into new hiring, R&D and capital improvements, spurring innovation that benefits patients and the economy.
Bipartisan majorities in the House and Senate are on record supporting permanent repeal. We need to move forward now.