Rep. Barber Speaks about Tax Reform and Growing Small Businesses.
Congressman Barber’s questions focused on how specific taxes can create roadblocks for medical device manufacturers using SynCardia Systems, Inc. and the Medical Device excise tax as a great example of how our tax code can stifle creativity and innovation .
On Wednesday, April 10, 2013, at 1:00 p.m. the Committee on Small Business held a hearing titled: Small Business Tax Reform: Growth Through Simplicity. The meeting was held in Room 2360 of the Rayburn House Office Building.
The purpose of the hearing was to receive testimony on several proposals to reform and simplify the tax code.
U.S. Representative Ron Barber (AZ-District 2) is well known for the time he spends meeting with constitutents in his district which is home to the University of Arizona, and small business medical innovation leaders including Syncardia, HTG Molecuar Diagnostics, Xeridem, CBR, and others.
Watch the video to see how Congressman Barber’s questions spark important discussions on why we must champion innovation, not stifle it for the benefit of small businesses, new innovations, and also for patients.
The Committee heard testimony from a wide range of businesses and industries. Thanks to Congressman Barber, the companies committed to saving and improving lives with medical innovations also were part of this important discussion.
The Medical Device Excise Tax is an excise tax of 2.3% on the sale, lease, rental or use of certain medical devices was mandated by the 2010 health care reform legislation and goes into effect 1 January 2013. The tax applies to manufacturers, producers and importers of taxable medical devices. In some situations, a health care organization such as a hospital or other provider may also be liable for the tax.
It sounds simple, but it’s not. To help our businesses understand what is needed to calculate the tax and to be compliant, AZBio asked Ernst and Young to help our community better understand what they needed to do. To learn more and to view the Ernst and Young Technical Line: Implementing the medical device excise tax please click here.
To view the full list of testimony, follow the outline and click the links below.
(source: http://smallbusiness.house.gov/calendar/eventsingle.aspx?EventID=325471)
Opening Statement:
Witnesses and Testimony
Panel 1
- The Honorable Dave Camp, Chairman, Ways and Means Committee, Washington, DC
Panel 2
- Mr. Sam Griffith, President and CEO, National Jet Company, Cumberland, MD
- Testifying on Behalf of the National Tooling and Machining Association
- Witness Testimony
- Witness Disclosure
- Mr. Steve Bearden, President and CEO, Linemark Printing, Upper Marlboro, MD
- Testifying on Behalf of Printing Industries of America
- Witness Testimony
- Witness Disclosure
- Mr. Tim Watters, President and CEO of Hoffman Equipment, Piscataway, NJ
- Testifying on Behalf of Associated Equipment Distributors
- Witness Testimony
- Witness Disclosure
- Mr. Roger Harris, President and COO, Padgett Business Services, Athens, GA