UPDATE: Medical-Device Industry Urges Repeal Of Excise Tax (Dow Jones News)
--Medical-device industry urges repeal of 2.3% excise tax
--Tax expected to raise $20 billion over 10 years
--Fee intended to offset cost of health-care overhaul
WASHINGTON -(Dow Jones)- More than 400 companies in a letter Monday urged Congress to repeal a$20 billion medical-device tax scheduled to go into effect in 2013.
Over 400 health-care companies, venture-capital firms and other associated organizations, including Boston Scientific Corp. (BSX), Kimberly-Clark Corp. ( KMB)'s health-care unit and the National Association of Manufacturers, pushed for the repeal of a 2.3% excise tax on medical-device manufacturers. The tax is designed to help offset the cost of the health-care overhaul Congress passed in 2010.
"We believe that implementation of this $20 billion excise tax will adversely impact patient care and innovation, and will substantially increase the costs of health care," the coalition wrote Monday in two identical letters to the top lawmakers in both the House and Senate.
Congress passed the fee on medical-device makers to help pay for the health- care overhaul's expansion of ...
