The Tax Foundation on Tuesday added its voice to the chorus of critics who have slammed the Patient Protection and Affordable Care Act's medical-device tax, calling it a bad policy that needs to be repealed.
Unless it's repealed, the nonpartisan research organization said, the tax likely will lead to higher health care costs for consumers, lower employment and hurt innovation.
The 2.3 percent excise tax on the manufacturers of medical devices is designed to raise revenue and reduce excess profits manufacturers may receive as a result of PPACA. The provision, which went into effect Jan. 1, is predicted to raise $3.2 billion a year on average for the next 10 years.
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