Your Government Is Killing Medical Research That Could Save Your Life
Opinion ı By Charles Laverty
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The American Healthcare system is beholden to the tax rates imposed upon it by the implementation of the ACA and its excise taxes on certain companies – such as pharmaceutical and medical device manufacturers.
Thankfully, the Trump Administration appears to be prepared to take a role in cutting taxes, specifically taxes for businesses large and small, by at least 15 percent. But this is really a skeleton layout of the tax reform required to save the Research and Development funding required to keep these companies in business.
Why is it important to keep them in business? Without pharmaceutical companies creating new ways to treat illnesses, and without medical device manufacturers inventing new technology to aid those who are ill, Americans are losing out on beneficial healthcare which may save lives and keep families together.
Unfortunately, there’s a long road ahead with regards to tax reform and the removal of certain ACA taxes which target medical companies at large. Congress has yet to show leadership in updating these outdated rules which threaten to undermine the health of an entire nation.
We need to understand that the taxes which affect these companies, also affect our daily lives and the ability of medical care providers to do their jobs to the best of their abilities. Tax and healthcare reform, then, becomes less of a political issue and more of a dire basic need which has to be addressed for the safety of the common American citizen.
What are the taxes which hold back the companies who need a leg up the most?
Medical Device Tax
The Medical Device Tax was launched in 2013 under the Affordable Care Act, and imposed a 2.3 percent sales tax on all medical device supplies. This can encompass everything from surgical gloves to pacemakers, and means that these devices cost more to produce, and perhaps for consumers to purchase.
For every dollar that a medical device manufacturer makes on one of these devices, he owes 2.3 cents to the government in tax. While there is a two-year moratorium on the tax, it will come into full effect in January 2018 once again. As a result, many of these manufacturers are moving their factories off shore.
One such company, Medtronic, which just happens to be the world’s largest producer of devices, has recently purchased a factory in China. With the flux of manufacturers moving out of the country, it’s only a matter of time before the United States not only loses money because of this tax, but loses innovators in the field, as well.
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