Coats Notes: Momentum Building on Medical Device Tax Repeal Bill

Senator Dan Coats
2013-02-08 16:00:40
<iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/co ats_topbanner.jpg> Dear Friend, Thank you for signing up to receive my email newsletter. These newsletters will cover a variety of topics, including events happening in Indiana, legislation being considered in Congress, and my perspective on current issues. My hope is to keep you updated and informed on how issues in Washington may impact Hoosiers. I welcome your feedback. Thanks for reading, Dan Coats _____ Momentum Building on Medical Device Tax Repeal Bill A 2.3 percent excise tax on medical device manufacturers included in President Obama's 2010 health care law took effect in January. This bad policy unfairly punishes a successful industry that not only provides jobs to thousands of Hoosiers and Americans, but also enhances the lives of patients around the world. This week I supported legislation led by Senators Orrin Hatch (R-Utah) and Amy Klobuchar (D-Minn.) to repeal this misguided tax. I supported identical legislation in the last Congress, but now the bill has gained the support of several Senate Democrats giving it a better chance of passage. This bipartisan support and growing momentum for our effort sends a strong message to President Obama that we must repeal this tax that will jeopardize jobs, increase costs on consumers and impede innovation. Without a full repeal, the medical device tax is expected to cost device manufacturers roughly $194 million per month, putting 43,000 American jobs at risk, according to the Advanced Medical Technology Association (AdvaMed). A 2011 study released by AdvaMed estimated 2,124 Hoosiers could lose their jobs as a result of this tax. Indiana is one of the world leaders in the development of medical technologies that enhance and save the lives of Hoosiers and patients around the world. The Hoosier state is home to more than 300 FDA-registered medical device manufacturers, employing 20,000 Hoosiers directly and another 28,000 indirectly. These are jobs that pay, on average, 41 percent higher wages than the state wage rate in Indiana. To protect these Hoosier employees and the patients who rely on these critical devices, Congress should immediately pass our legislation and repeal this damaging tax before job losses, plant shut downs and increased costs occur. _____ Despite Harry Reid's Belief, Congress Still Has Not Tackled Debt and Spending <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fyoutu. be%2fb7u2j3n22Dc> In an interview this past Sunday, Senate Majority Leader Harry Reid claimed, "The American people need to understand that it's not as if we've done nothing for the debt." Based on my conversations with Hoosiers, I would argue that the American people do understand, but they disagree with the claim that Congress has been productive on tackling the debt. In response to the Senate Majority Leader's remarks, I spoke on the Senate floor about the lack of action taken so far to address our debt crisis and the need to do more to rein in spending. I have been speaking on the floor multiple times each week about the need to reduce government spending. We are spending nearly $40,000 of taxpayer money per second. It has now been over 1,375 days since the Democrat-led Senate has offered and passed a budget. Our debt continues to accumulate and now stands at nearly $16.5 trillion, and anybody who looks at the debt clock sees that the numbers are rotating faster than the eye can see. So, no, I don't agree with Harry Reid. I don't think we have done much to address our debt. Click here <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fyoutu. be%2fb7u2j3n22Dc> or on the video above to watch my full speech. Coats in the News Coats, Donnelly Back Medical-Device Tax Repeal <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fwww.jo urnalgazette.net%2farticle%2f20130207%2fNEWS03%2f130209607%2f1066%2fNEWS 03> Coats Wages War Against Spending <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fwww.co ats.senate.gov%2fnewsroom%2fnews%2fcoats-wages-war-against-spending> Obama Prods Congress for Stopgap Deal <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fwww.jo urnalgazette.net%2farticle%2f20130206%2fNEWS03%2f302069974%2f1066%2fNEWS 03> Indiana Sen. Dan Coats Opposes Chuck Hagel for Defense Chief <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fblogs. courier-journal.com%2fpolitics%2f2013%2f02%2f01%2findiana-sen-dan-coats- opposes-chuck-hagel-for-defense-chief%2f> _____ Stay Connected <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fwww.fa cebook.com%2fpages%2fSenator-Dan-Coats%2f180671148633644> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2ftwitte r.com%2fSenDanCoats> <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fwww.yo utube.com%2fSenatorCoats> _____ Coats with Hoosiers <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fnewsroom%2fphotos%2fcoats-tours-countrymark-refinery> <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/DS C0776.JPG> With Gene Habecker, President of Taylor University, and Ben Sells, V.P. for University Advancement. <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/we lch.JPG> With Peggy Welch, Executive Director of Indiana Medical Device Manufacturers Council. <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/ku zma.JPG> With Abigail Kuzma, Deputy Attorney General for Consumer Protection in Indiana. _____ To unsubscribe please Click Here <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fcontact%2fnewsletter%2funsubscribe> Contact Me <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2fcontact%2f> Latest News <iqs3.solutions.lmit.com/iqextranet/iqClickTrk.aspx coats-iq&crop=14628.8610132.5219786.7189397&redirect=http%3a%2f%2fcoats. senate.gov%2f> <iqs3.solutions.lmit.com/iqextranet/Customers/quorum_coats-iq/iq trk.gif?crop=14628.8610132.5219786.7189397>
 

Dear Friend,

Thank you for signing up to receive my email newsletter. These newsletters will cover a variety of topics, including events happening in Indiana, legislation being considered in Congress, and my perspective on current issues. My hope is to keep you updated and informed on how issues in Washington may impact Hoosiers. I welcome your feedback.

Thanks for reading,
Dan Coats


Momentum Building on Medical Device Tax Repeal Bill

A 2.3 percent excise tax on medical device manufacturers included in President Obama’s 2010 health care law took effect in January. This bad policy unfairly punishes a successful industry that not only provides jobs to thousands of Hoosiers and Americans, but also enhances the lives of patients around the world.

This week I supported legislation led by Senators Orrin Hatch (R-Utah) and Amy Klobuchar (D-Minn.) to repeal this misguided tax. I supported identical legislation in the last Congress, but now the bill has gained the support of several Senate Democrats giving it a better chance of passage. This bipartisan support and growing momentum for our effort sends a strong message to President Obama that we must repeal this tax that will jeopardize jobs, increase costs on consumers and impede innovation.

Without a full repeal, the medical device tax is expected to cost device manufacturers roughly $194 million per month, putting 43,000 American jobs at risk, according to the Advanced Medical Technology Association (AdvaMed). A 2011 study released by AdvaMed estimated 2,124 Hoosiers could lose their jobs as a result of this tax.

Indiana is one of the world leaders in the development of medical technologies that enhance and save the lives of Hoosiers and patients around the world. The Hoosier state is home to more than 300 FDA-registered medical device manufacturers, employing 20,000 Hoosiers directly and another 28,000 indirectly. These are jobs that pay, on average, 41 percent higher wages than the state wage rate in Indiana.

To protect these Hoosier employees and the patients who rely on these critical devices, Congress should immediately pass our legislation and repeal this damaging tax before job losses, plant shut downs and increased costs occur. 


Despite Harry Reid's Belief, Congress Still Has Not Tackled Debt and Spending
 

In an interview this past Sunday, Senate Majority Leader Harry Reid claimed, “The American people need to understand that it's not as if we've done nothing for the debt.”
 
Based on my conversations with Hoosiers, I would argue that the American people do understand, but they disagree with the claim that Congress has been productive on tackling the debt.

In response to the Senate Majority Leader’s remarks, I spoke on the Senate floor about the lack of action taken so far to address our debt crisis and the need to do more to rein in spending. I have been speaking on the floor multiple times each week about the need to reduce government spending. We are spending nearly $40,000 of taxpayer money per second. It has now been over 1,375 days since the Democrat-led Senate has offered and passed a budget. Our debt continues to accumulate and now stands at nearly $16.5 trillion, and anybody who looks at the debt clock sees that the numbers are rotating faster than the eye can see. So, no, I don't agree with Harry Reid. I don't think we have done much to address our debt.

Coats in the News

Coats, Donnelly Back Medical-Device Tax Repeal

Coats Wages War Against Spending

Obama Prods Congress for Stopgap Deal

Indiana Sen. Dan Coats Opposes Chuck Hagel for Defense Chief


Stay Connected

     


Coats with Hoosiers


With Gene Habecker, President of Taylor University, and Ben Sells, V.P. for University Advancement.


With Peggy Welch, Executive Director of Indiana Medical Device Manufacturers Council.


With Abigail Kuzma, Deputy Attorney General for Consumer Protection in Indiana.


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