Congressman Moulton Upholds Promise, Votes to Repeal the Medical Device Tax
Jun 21, 2015 03:00AM
● Published by Kieran Gilman
(Editor's Note: The following information was submitted by the offices of Congressman Seth Moulton.)
Washington, D.C. - Today, Congressman Seth Moulton (D-MA) upheld a promise to constituents by voting to repeal the medical device tax, which places a 2.3-percent excise tax on medical device companies. Moulton announced his support for the legislation in April at an event at Abiomed in Danvers and was proud to join 46 Democrats and 234 Republicans to repeal the tax he’s long called “a burden on small businesses.”
"I started a health care company following business school. I understand how to help small businesses grow, and I also understand the incredible need for and value of investing in medical technology,” said Moulton. “The medical device tax poses an unnecessary burden on the industry, but especially small businesses, and repealing it is simply the right thing to do.”
In light of our nation’s growing national debt, Moulton also made clear he believes “we must responsibly pay for the repeal of the tax,” which is estimated to cost $24 billion over ten years.
Massachusetts is home to more than 400 medical device companies, employing nearly 23,000 workers and generating another 75,000 jobs in related sectors. On a per capita basis, Massachusetts is second to California in the amount of venture capital secured by MedTech start-up companies and FDA-approval of innovative medical products. The industry also accounts for 14-percent of all goods exported from the Commonwealth, making it the state’s number one export.
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Medical Device Tax