Sen. Markey files bill to eliminate medical device tax
BOSTON (AP) — U.S. Sen. Edward Markey wants to repeal a tax aimed at medical device makers.
The Massachusetts Democrat said he filed a bill Tuesday that would eliminate the 2.3 percent excise tax.
The tax was included in President Barack Obama’s 2010 health care law.
While Markey supports the health care law, he said the medical devices tax harms innovation. Massachusetts is home to many medical device companies.
Markey said his bill would make up for the lost revenue by ending more than $29 billion in what he described as tax breaks for oil companies, free-drilling loopholes and taxpayer subsidies for the oil and gas industry.
Markey isn’t alone in his criticism of the medical device tax.
In 2013, fellow Massachusetts U.S. Sen. Elizabeth Warren also voted in favor of eliminating the tax.