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1 1 (November 20, 2020)

handle is hein.crs/govdcte0001 and id is 1 raw text is: * Congqrssionai Research Service ~nformng th tailtv eaesNc 1)4 COVID-19: Tax Policy Options to Address Medical Supply Chain Concerns November 20, 2020 The outbreak of Coronavirus Disease 2019 (COVID-19) in the United States has drawn attention to the ways in which the U.S. economy depends on global manufacturing and supply chains. Many Members of Congress have expressed a strong interest in responding to U.S. shortages ofmedical supplies- particularly personal protective equipment (PPE) and pharmaceuticals-as the United States steps up efforts to contain and counter COVID-19. This Insight summarizes the current state of U.S. reliance on foreign medical supplies and identifies potential tax policy options Congress may consider to encourage domestic production of certain medical goods. Changes to tax policies in combination with other economic policies and market forces could encourage domestic production, particularly for companies that are already looking to reshore manufacturing or diversify existing supply chains. Current State of Reliance on Foreign Medical Suppliers There is currently no definitive assessment of the degree to which the United States is dependent on imports in industries considered by some policymakers to be essential to U.S. public health and national security. Gaps in data on U.S. domestic industry and trade make determining the degree of U.S. import dependence in particular product categories difficult, as the U.S. government does not track domestic production of specific, individual items by quantity or value. CRS estimates based on government surveys of U.S. manufacturers and U.S. trade statistics, however, suggest that the United States seems to be heavily dependent on imports in certain product categories, particularly biological products such as vaccines (Figure 1). Congressional Research Service https://crsreports.congress.gov IN11536 CRS NSIGHT Prepared for Membersand Commi res ao Cong- ress----------------------------------------------- ----------------------------------------

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