Monday, August 6, 2012
Medical Device Tax
By Chuck Hajdu
Recently I heard an interesting discussion of Fox Business News concerning the new Medical Device Tax that goes into effect in 2013. If you’re not familiar with the tax, here’s what it’s all about. When the Affordable Care Act, also known as Obamacare, was signed into law it contained a provision for an excise tax of 2.3% on the total revenue of a company that makes medical devices. This isn’t a tax on profits, it’s a tax on total revenues!
What will happen when some bureaucrat in Washington, DC decrees that your cell phone, tablet or laptop is a medical device because you have some sort of medical app loaded on it? Just imagine the smiles on tax and spend government officials when they realize they can get 2.3% off the top from the iFruit company and Google!!
God help us all.
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When Obama increased the tax on the medical devices, many people regret voting for him. The medical device tax affects all of us who use the different devices, especially when we get hospitalized.
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