Why Elizabeth Warren Wants to Repeal Part of Obamacare
The Daily Banter Headline Grab (via ABC OTUS News):
U.S. Senate candidate Elizabeth Warren is a superstar within the Democratic Party and a lightning rod for Republican outrage over the issue of tax fairness. But there is one tax that Warren doesn’t like and it’s part of Obamacare.
The 2.3 percent excise tax on medical devices is a little-known provision in the law that is estimated to raise $20 billion in revenue over 10 years, according to the Joint Committee on Taxation.
But some Democrats, including Warren, a Democratic National Convention speaker, represent states that employ medical device workers and are concerned that the tax with hamper job growth in industry valued at over $100 billion in 2010, according to the Department of Commerce.
Warren’s campaign declined to comment for this story but points to an op-ed written by Warren for a local Massachusetts trade magazine, where she comes out strongly against the tax. The campaign, when asked, also declined to present a plan to replace the $20 billion in estimated revenue.
“Three changes in government policy are essential: a more efficient regulatory system at the FDA, repeal of the medical device tax, and an increased national commitment to research and education,” said Warren.
Products that are categorized as medical devices include: breast implants, stents used to unclog arteries and heart defibrillators. Medical devices are a key part of Massachusetts health care driven economy. The industry supports over 80,000 jobs in Massachusetts, a 2011 Deloitte study found.