Sen. Edward Markey (D-Mass.) has introduced legislation to eliminate the medical device tax and replace the lost revenue by raising taxes on oil and gas companies.
“Medical device companies in Massachusetts and across the country are at the forefront of a biomedical revolution that is supporting economic growth and developing life-saving technologies,” said Markey in a statement. “It’s time to end 19th century tax breaks for highly profitable oil and gas companies that need no assistance and invest in 21st century innovation and companies that create jobs and save lives. The 'No Taxation on Device Innovation Act' trades oil and gas company corporate welfare for the health and welfare of the American people and economy.”
The bill—the “No Taxation on Device Innovation Act”—eliminates the 2.3% medical tax and pays for the repeal by ending tax breaks for oil companies, free-drilling loopholes and taxpayer subsidies for the oil and gas industry over the next decade.
Markey’s effort is the latest congressional effort to get rid of the medical device tax. Sen. Orrin Hatch (R-Utha) has also filed legislation, and several bills have been filed in the House of Representatives as well.