I thank the gentleman for yielding. I rise in strong opposition to H.R. 436, one more piece of Republican legislation that protects special interests at the expense of working with families. This is just another message in an attempt to…
I thank the gentleman for yielding.
I rise in strong opposition to H.R. 436, one more piece of Republican legislation that protects special interests at the expense of working with families. This is just another message in an attempt to undercut the Affordable Care Act. It repeals a small excise tax imposed on the medical device industry as their contribution to health reform in light of their expanded market.
I might remind you that repealing this tax costs $29 billion in deficit losses.
How do they finance this legislation? Like they always do--take it out of the hides of low- and middle-income working families and give it to rich manufacturers.
The bill eliminates protections in the health reform law that prevent families from potentially being hit with an unexpected tax because of unforeseen income changes. According to the Joint Committee, this change by the Republicans would cost over 350,000 people to become uninsured.
It's important to note that the medical device industry stood with President Obama and others in the health care industry in May of 2009 and pledged to contribute their fair share toward making health reform a reality. Well, it's time to put your money where your mouth was.
The medical device industry gains more than 30 million newly insured Americans through health reform, many of whom will use medical devices at some point in their lives. Our analysis shows that the vast majority of this tax would be paid by the 10 largest device companies--and they're all highly profitable.
Protecting the very profitable medical device industry from paying a small contribution toward health reform should not be our priority in this Congress. We must create jobs, ensure patients maintain access to physicians and Medicare, and prevent student loan rates from doubling on July 1. Those are the priorities facing our Nation.
I urge all of my colleagues to join me in voting ``no'' on this Republican giveaway to special interests.
Mr. Speaker, I am submitting the following Statement of Administration Policy opposing H.R. 436, the Protect Medical Innovation Act, as well as letters in opposition to the bill.
Statement of Administration Policy
H.R. 436--Health Care Cost Reduction Act of 2012
(Rep. Camp, R-Michigan, and 240 cosponsors, June 6, 2012)
The Affordable Care Act made significant improvements to
the Nation's health care system that are helping to improve
individuals' health and give American families and small
business owners more control of their own health care. These
important changes include: ending the worst practices of
insurance companies; giving uninsured individuals and small
business owners the same kind of choice of private health
insurance that Members of Congress have; and bringing down
the cost of health care for families and businesses while
also reducing Federal budget deficits.
H.R. 436, which would repeal the medical device excise tax,
does not advance these goals. The medical device industry,
like others, will benefit from an additional 30 million
potential consumers who will gain health coverage under the
Affordable Care Act starting in 2014. This excise tax is one
of several designed so that industries that gain from the
coverage expansion will help offset the cost of that
expansion.
This tax break, as well as other provisions in the
legislation relating to tax-favored health spending
arrangements, would be funded by increased repayments of the
Affordable Care Act's advance premium tax credits, which
would raise taxes on middle-class and low-income families, in
many cases totaling thousands of dollars, notwithstanding
that they followed the rules. This legislation would also
increase the number of uninsured Americans.
In sum, H.R. 436 would fund tax breaks for industry by
raising taxes on middle-class and low-income families.
Instead of working together to reduce health care costs, H.R.
436 chooses to refight old political battles over health
care. If the President were presented with H.R. 436, his
senior advisors would recommend that he veto the bill.