December 11, 2012

Nasdaq and Wall Street Journal quote Bart Stupak on impending medical device tax

1 min

In articles on December 10, 2012, Nasdaq and The Wall Street Journal quoted Venable partner Bart Stupak on the impending 2.3% tax on medical device sales set to take effect on January 1, 2013. Recently, a group of 17 Democratic US senators and senators-elect signed a letter addressed to Senate Majority Leader Harry Reid, requesting a postponement of the tax because companies claim it will hurt profits and result in US job losses.

Many other Democrats and the White House oppose any temporary suspension, arguing that losses incurred by the tax will be made up by the additional 30 million potential medical device customers who will gain health coverage under the Affordable Care Act beginning in 2014. Commenting on the stand-off, Stupak said "It's already law; they're not going to budge on that."