3. Is the medical device tax repeal going to be permanent?
The medical device industry was hit with a 2.3% medical device excise tax under Obamacare. The excise tax was put on a two-year hold in December 2015.
Trump and many fellow GOP officeholders support tax cuts, and the medical device industry could be one of the first to see these tax cuts. Making the elimination of the tax permanent is a top priority for medical device industry lobbyists.
Permanent elimination of the medical device excise tax may not be the only upcoming good news when it comes to taxes. Many medical device companies have their money overseas because of America’s relatively high corporate income tax rate, according to an S&P report. A major corporate tax overall could reduce the costs of bringing the money back to the U.S., either permanently or through a tax holiday.