Just weeks before the U.S. Supreme Court is expected to decide the fate of the Patient Protection and Affordable Care Act, House Republicans continued their efforts to dismantle the 2010 law with a vote to repeal a considerable excise tax on medical devices. House members voted 270-146 to approve the Healthcare Cost Reduction Act, which would amend the Internal Revenue Code to repeal a 2.3% excise tax on the sale of medical devices by manufacturers or importers that is scheduled to start next year. The legislation includes provisions to overturn the nearly $30 billion in taxes on medical devicemakers, as well as repeal another measure in the Affordable Care Act that forbids using funds from tax-advantaged accounts to buy over-the-counter medications without a prescription.
Late News: House GOP votes to repeal excise tax in reform law
The bill contains another provision that would allow Americans to cash out up to $500 in flexible spending account balances as taxable wages. The Advanced Medical Technology Association heralded the bill, saying that the legislation will protect high-wage American jobs and maintain the nation's global competitiveness. “Our industry can be a partner in job creation and an engine for growth for our national economic recovery but public policies need to support that growth and allow us to compete on the global stage,” AdvaMed President and CEO Stephen Ubl said in a written statement. “Repealing the device tax is an important first step.” There is no talk of any similar legislation in the Senate, and the White House issued a statement a day earlier indicating the president would veto the bill.
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