The Advanced Medical Technology Association (AdvaMed) today issued the following statement by Stephen J. Ubl, president and CEO, in response to the comprehensive tax reform proposal released today by Rep. Dave Camp (R-Mich.), chairman of the U.S. House of Representatives Ways & Means Committee:
“We commend Chairman Camp for this blueprint and for continuing to advance comprehensive tax reform. We are very pleased Rep. Camp has included repeal of the medical device tax in his priorities for comprehensive tax reform. This $30 billion tax is a drag on job creation, economic growth and medical progress and repealing this onerous tax enjoys broad bipartisan, bicameral support.
“AdvaMed supports comprehensive tax reform and we are carefully reviewing the proposal for other important tax elements that could have significant impact on the future of R&D and small company capital formation.
“Just last week 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.
“Repealing the device tax is a fundamental part of overall tax reform and will preserve U.S. leadership in this dynamic global industry. The more than two million men and women who work for or support this industry applaud Rep. Camp for including it in his plan.”