Young Co-Sponsors Measure to Repeal Medical Device Tax
Rep. Todd Young (R-IN9) was an original co-sponsor of H.R. 523, the Protect Medical Innovation Act, when it was introduced on Wednesday. The bill, which would repeal the 2.3% excise tax on medical devices that was included in the 2010 Affordable Care Act, was authored in bipartisan fashion by Rep. Erik Paulsen (R-MN) and Rep. Ron Kind (D-WI) and has already garnered 175 co-sponsors.
"Since this tax became law, we've seen the medical device community warn us that it would cost high-wage, high-skill jobs in the United States," said Young. "Last summer, that economic opportunity cost became a reality when Bloomington's own Cook Group--one of the largest privately held companies in the world--announced they would no longer be expanding in the Midwest. The medical device industry is one of the most rapidly developing sources of jobs, especially in Indiana. It boggles my mind that we would intentionally hamper this growth and stifle life-saving innovation with this industry-specific tax."
Young was also a sponsor of the bill in the 112th Congress.