A tax on medical devices that almost nobody likes
Share Now on:
You don’t often hear about a 79-to-20 vote in the U.S. Senate. But that’s exactly what happened last night. The chamber voted overwhelmingly to repeal a tax on medical devices which was designed to generate $30 billion over 10 years to help pay for the Affordable Care Act.
Medical device makers are complaining the tax hurts them more than the rest of the medical and insurance industry. While hospitals, drug and insurance companies will pay or give up revenue as part of the reforms, they also stand to benefit as new customers enter the system. But the medical device industry argues most of their customers are already insured or covered by Medicare.
The vote to repeal the tax was largely symbolic. But it does show how unpopular the measure is, with both Republicans and Democrats coming out against it.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.