H.R. 3 is branded as a bill to lower prescription drug costs, but in reality, it is an unfounded and exorbitant 95 percent tax on the most common prescription drugs. If Congress pushes this bill through, thousands of American patients will not be able to afford their prescription drugs.
Monday, May 17, 2021
Senate Majority Leader Chuck Schumer
322 Hart Senate Office Building
Washington, DC 20510
Senate Republican Leader Mitch McConnell
317 Russell Senate Office Building
Washington, DC 20510
Speaker of the House Nancy Pelosi
1236 Longworth H.O.B.
Washington, DC 20515
Minority Leader of the House Kevin McCarthy
2468 Rayburn House Office Building
Washington, D.C. 20515
Dear Leader Schumer, Speaker Pelosi, Republican Leader McConnell, and
Minority Leader McCarthy,
We represent fiscal conservatives, free market advocates, and ordinary Americans concerned about confiscatory taxes on the prescription medicines we need.
President Biden, Speaker Pelosi, and Leader Schumer are lining up behind a dangerous plan to impose government price controls on the most common prescription medicines, especially those most needed by seniors and the chronically ill (like insulin). Price controls kill innovation and new breakthroughs, such as COVID vaccines, which are critical to Americans’ health and well-being.
Failure to comply with these new government price controls will result in a staggering 95 percent tax on those drugs which are sold at fair market value instead of being price controlled.
Imposing a 95 percent tax on the most essential prescription medicines is bad tax policy, bad health care policy, and will literally cost lives. Seniors, for example, cannot afford to pay double for the prescription medicines
they need. Access to drugs will be impeded. Government rationing of scarce drugs is sure to follow.
A 95 percent excise tax means paying for the prescription drugs we need twice–once to the drug companies, and again to the government. We urge you to abandon any efforts to impose a steep tax on the prescription medicines we need.
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