Industry news: Lilly's salary cap; Hatch takes hatchet to medical device tax
Utah Sen. Orrin Hatch assailed a tax on medical devices such as artificial hips and knees as a job killer.The IRS announced the 2.3% tax Friday. It is expected to go into effect next year and raise $28.5 billion over the course of 10 years. Hatch said the tactic “is exactly the wrong thing under a weak economy. This is a tax on innovation and job creation that will ultimately stifle the development of life-saving medical devices with costs that will be passed on to consumers.” The tax is part of the Affordable Health Care Act. Hatch sponsored a bill January 25 to repeal the tax.