IRS finalizes new tax for medical devices in healthcare law
WASHINGTON | Wed Dec 5, 2012 5:18pm EST
(Reuters) – The U.S. Internal Revenue Service on Wednesday released final rules for a new tax on medical devices, products ranging from surgical sutures to knee replacement implants, that starts next year as part of President Barack Obama’s 2010 healthcare law.
The 2.3-percent tax must be paid, effective after December 31, by device-makers on their gross sales. The tax is expected to raise $29 billion in government revenues through 2022.
Companies including Boston Scientific Corp, 3M Co and Kimberly-Clark Corp have been lobbying the U.S. Congress for a repeal of the tax.
A repeal bill passed the Republican-controlled U.S. House of Representatives in June, but it has not been voted on by the Democratic-controlled Senate.
Many medical devices that are sold over-the-counter – such eyeglasses, contact lenses and hearing aids – are exempt from the tax, as are prosthetics, the IRS said.
The tax applies mostly to devices used and implanted by medical professionals, including items as complex as pacemakers or as simple as tongue depressors.
https://www.reuters.com/article/2012/12/05/us-usa-tax-irs-idUSBRE8B41GW20121205
bend over and take my finger up your bong hole. and you will learn to like it. it’s called the new obama care.
And the Job CreatorsTM will just lay people off to make up the margin. We wouldn’t want Rhonda Stryker’s annual dividends to decrease from $2 million $1.89 million. Better to destroy a few families.
Atlas shrugged, indeed.
the job creators have left the building
yes Rob the reality of this socialized medicine is going to hit people very hard
I was being sarcastic and truthful at the same time. AHCA will evolve, in the long term, into something that benefits this country.
We already socialize all the risk in the banking industry (but none of tho profits). Why not reign in the HMOs?
It will take a few administrations but it will work itself out. Have faith in your country.