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AdvaMed Statement on Tax Extender Markup
WASHINGTON, D.C. – The Advanced Medical Technology Association (AdvaMed) today issued the following statement by Stephen J. Ubl, president and CEO, in response to the Senate Finance Committee vote on the germaneness of adding a temporary suspension of the device tax to the tax extenders package:
“AdvaMed is committed to comprehensive tax reform which we believe is essential to job creation and continued economic growth. We believe that addressing the medical device tax is a key first step to setting the right tax structure for an innovative, export-producing manufacturing industry like ours. That’s why we are disappointed the Senate Finance Committee did not vote to address the device tax as part of its final tax extenders package, which would have served to provide relief from the impact of the tax and allow time for a more fulsome conversation on overall tax reform.
“There is a strong record of bipartisan, bicameral support for repealing this onerous tax, which was on display during the debate at the markup.
“We are encouraged by the colloquy between Senator Bob Casey (D-PA) and Chairman Ron Wyden (D-OR) about the importance of addressing the device tax and believe there is the political will to move this year.
“Just last month AdvaMed released a survey that examined the first-year impact of the medical device excise tax – the first real-world examination of the effects of this tax. It found that the jobs lost or foregone because of the tax totaled 33,000 in direct industry employment. When the indirect impact on industry suppliers and the economy was taken into account, the tax could cost as many as 165,000 jobs.
“We appreciate Senator Pat Toomey’s (R-PA) efforts to highlight this important issue, and commend Chairman Wyden and Ranking Member Orrin Hatch (R-UT) for their ongoing commitment to reform the tax system, which we believe will ultimately lead to repeal of this tax.”
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AdvaMed member companies produce the medical devices, diagnostic products and health information systems that are transforming health care through earlier disease detection, less invasive procedures and more effective treatments. AdvaMed members range from the largest to the smallest medical technology innovators and companies. For more information, visit www.advamed.org.