Device Tax: Top 19 Mass. Device Makers to Pay $422.5M this Year
The top 19 public and private medical device makers in Massachusetts are projected to pay nearly $422.3 million in compliance with the new medtech tax, according to a Pioneer Institute analysis.
The 2.3% medical device tax created by President Barack Obama's Affordable Care Act is projected to raise more than $422 million this year from the top 19 public and private medical device makers in Massachusetts alone, according to a new analysis by the Bay State's Pioneer Institute.
The funds are intended to help expand health insurance access for many Americans, but there are trade-offs, the analysts warned. Potential down-sides include lost jobs, chopped research & development budgets and more state dollars funneled to Washington D.C.