◼ Schock’s Bill Stops Tax Increase on Canton, IL Employer - schock.house.gov
Congressman Aaron Schock (R-IL), a member of the House Ways and Means committee, repealed today another tax raising provision in President Obama’s Affordable Care Act. Schock is a co-sponsor of the bipartisan Protect Medical Innovation Act, H.R. 436, that was approved by the Ways and Means committee and is expected to pass the House next week. H.R. 436 repeals the medical device tax that will impose a 2.3 percent excise tax on the manufacturing of medical devices beginning in 2013.
“It’s estimated that the implementation of this tax increase would result in the loss of 1,209 Illinois jobs, which is a clear indication that raising taxes, whether it’s on individuals or private business, is not smart economics,” said Congressman Aaron Schock. “The reality is this tax will stunt the minimal economic growth we are seeing and will set back small businesses and manufacturers and hurt local communities with the added pain of an additional tax increase. This is just the latest example of the litany of costly regulations and tax policies that continue to come out of the Obama Administration.”
