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The newly reinstated 2.3 percent excise tax on medical devices would be repealed and oil and gas industry subsidies repealed under new legislation sponsored by Bay State Sens. Edward Markey and Elizabeth Warren.

The tax, which stems from the Affordable Care Act, was reinstated in January after it had been suspended for 2016 and 2017. Under the new No Taxation on Device Innovation Act, the cost of repealing the medical device tax would be offset by "ending an estimated $29 billion in tax breaks for oil companies, free-drilling loopholes, and taxpayer subsidies for the oil and gas industry over the next decade," according to Markey's office.

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