Banks Supports Repealing The Medical Device Tax During House Debate

Last updated on Tuesday, July 24, 2018

(WASHINGTON, D.C.) - Congressman Jim Banks (IN-03) today spoke in support of permanently repealing the medical device tax during debate on the Protect Medical Innovation Act.

Text of the speech follows:

There are more than 7,000 medical device companies in the United States that contribute hundreds of billions of dollars to our economy every year. These companies employ over 400,000 Americans while creating life-saving technologies that benefit patients around the world.

Many of these manufacturers are located in my home district in Northeast, Indiana.

In fact, Warsaw, Indiana is known as the Orthopedic Capital of the World.

There is no doubt that this tax was incredibly destructive while it was in effect.

Data from the U.S. Department of Commerce indicates that 29,000 jobs were lost in the industry from 2012 - 2015.

Suspension of the tax has reduced some of the damage, but long-term investments and planning are impossible without full repeal.

Without permanent repeal, we will never be able to fully recover the jobs destroyed by Obamacare and patients will continue to be denied new life-saving products.

The Protect Medical Innovation Act will ensure that the medical device industry does not just survive, but thrives.

This common-sense and bipartisan legislation would permanently repeal the medical device tax and thereby remove a mindless roadblock to economic growth and patient health.

I want to thank my friend Representative Paulsen for his tireless efforts on this issue, and I urge my colleagues to support passage of HR 184.

1340 AM WBIW welcomes comments and suggestions by calling 812.277.1340 during normal business hours or by email at comments@wbiw.com

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