Repeal ObamaCare's medical device tax

Another hidden bomb in the ObamaCare bill that few legislators read before voting on it is the medical device tax.

FreeEnterprise.com tells us why the tax needs to go.

The U.S. medical device industry is an economic star, but its success is threatened by a looming provision of the Patient Protection and Affordable Care Act (PPACA) -- the medical device tax.

The medical device industry is a high tech industry employing 519,000 workers and investing billions into research and development (R&D). Specialized materials, state-of-the-art electronics, and innovative manufacturing techniques go into devices like MRI, cardiac defibrillator, and prosthetics. This is an export-driven industry. In 2010, $40 billion in medical devices were shipped overseas, producing a $3 billion trade surplus. As the world population grows in size, wealth, and age, the American medical device industry is in a position for growth and job creation.

However, that promise could be squelched by a medical device tax scheduled to go into effect in 2013. A Wall Street Journal editorial reports that the "2.3% levy applies to the sale of everything from cardiac defibrillators to artificial joints to MRI scanners." The tax applies to gross sales and not profits meaning "companies at make-or-break margins could be taxed out of existence."

There's a fix for this problem, H.R. 436: Protect Medical Innovation Act, which could be voted on as early as today in the House Ways and Means Committee. Click here to tell your member of Congress that you support the bill and oppose the medical device tax.

Of course ObamaCare needs to go in full, but we need to fight it on multiple fronts.

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