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IRS finalizes new tax for medical devices in healthcare law
Reuters ^ | Dec 5, 2012 | Patrick Temple-West

Posted on 12/06/2012 9:15:08 AM PST by george76

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 ...

...

The tax applies mostly to devices used and implanted by medical professionals, including items as complex as pacemakers or as simple as tongue depressors.

Products sold for humanitarian reasons, such as experimental cancer treatment devices, are not exempt from the tax.

...

it remains "an open question" when latex gloves come under the tax

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government; News/Current Events; Politics/Elections; US: District of Columbia; US: Florida; US: Massachusetts
KEYWORDS: corruption; healthcare; irs; medicaldevices; obamacare; obamatax; tax; taxes

1 posted on 12/06/2012 9:15:15 AM PST by george76
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To: george76

Which in turn is passed along, yeah lower costs...


2 posted on 12/06/2012 9:18:02 AM PST by Resolute Conservative
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To: george76
Think of all the "cost savings" if they make medical devices too expensive to use.
3 posted on 12/06/2012 9:20:57 AM PST by E. Pluribus Unum ("The more numerous the laws, the more corrupt the state." - Cornelius Tacitus, Roman Senator)
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To: Resolute Conservative

No it’s not passed along. It’s a tax on the Gross revenue not the Net.


4 posted on 12/06/2012 9:26:46 AM PST by massgopguy (I owe everything to George Bailey)
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To: george76

I presume it also applies to breast implants?
(let the punchlines commence)


5 posted on 12/06/2012 9:28:45 AM PST by Buckeye McFrog
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To: george76

This a Change I could have done without, but I am just an evil, racist, homophobic conservative, and I deserve it! It is social justice! sarc


6 posted on 12/06/2012 9:29:52 AM PST by txnativegop (Fed up with zealots)
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To: massgopguy
No it’s not passed along. It’s a tax on the Gross revenue not the Net.

You forgot the sarcasm tag
7 posted on 12/06/2012 9:37:50 AM PST by armydoc
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To: george76

Enjoy your higher health care costs, America.


8 posted on 12/06/2012 9:45:00 AM PST by SoFloFreeper
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To: massgopguy

It is always passed along. Whether directly via the market or us getting another tax increase.


9 posted on 12/06/2012 9:50:09 AM PST by Resolute Conservative
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To: massgopguy

Ultimately it can be passed along, even if tax is on the gross. Pay 2.3 tax on 100 buck device and you’re left with 97.70. Raise the cost of the device to $110, pay the same 2.3% tax and you’re left with 107.47.

But it’s not initially passed on to the patient, it will be passed on to the insurer...and the consumer will either be faced with higher insurance costs, or will limit approval for the use of a device...which in turn will mean layoffs at the manufacturer because less devices are needed.

Either way, it’s a bad thing (and the major devices cost 10’s of thousands of dollars, not $100.)


10 posted on 12/06/2012 10:02:12 AM PST by memyselfandi59
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To: george76

Crap. Wonder if I can still schedule that knee replacement before the end of the month...


11 posted on 12/06/2012 10:16:44 AM PST by jagusafr (the American Trinity (Liberty, In G0D We Trust, E Pluribus Unum))
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To: george76

You can probably get a prosthetic penis tax-free if you’re a bull dyke lesbo.


12 posted on 12/06/2012 10:21:52 AM PST by crosshairs (Hurricane Barry is 1000 times more destructive than Hurricane Sandy.)
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To: george76

what next .. BoToX?


13 posted on 12/06/2012 10:26:08 AM PST by NormsRevenge (Semper Fi)
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To: jagusafr

one of wifey’s has had both done over the last 3 years.. she’s zooming around,, Hit the stationary bike right away.. it’ll make recovery time easier ,, flexibility once lost is oft harder to regain.. Good Luck!


14 posted on 12/06/2012 10:29:53 AM PST by NormsRevenge (Semper Fi)
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one of wifey’s galfriend walking regulars


15 posted on 12/06/2012 10:31:42 AM PST by NormsRevenge (Semper Fi)
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To: NormsRevenge
The wife told me yesterday that her company had determined that this tax will cost them an additional 40 million dollars next year. The CEO thinks they will make it up in additional sales and efficiencies. YEAH RIGHT.
16 posted on 12/06/2012 11:28:19 AM PST by DAC21
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To: E. Pluribus Unum

That’s exactly the way any socialist system “saves money” - withholding care.


17 posted on 12/06/2012 11:30:30 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: george76

I you ever want to get screwed.....call the IRS.


18 posted on 12/06/2012 4:59:23 PM PST by Sarajevo (Don't think for a minute that this excuse for a President has America's best interest in mind.)
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To: MrB

Ironically, or is that the wrong word, we have plenty of examples from Canada, Cuba and Europe to prove that government health care programmes impose scarcity and kill people. Yet, our media never reports this. Instead they join the chorus for Canadian, Cuban and European style health care.

Is it mind-blindness or evil? Regardless, the results are the same.


19 posted on 12/07/2012 4:47:56 AM PST by 1010RD (First, Do No Harm)
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To: 1010RD

When there is ample evidence that their “solution” doesn’t achieve their stated goals, or there is a proven less damaging way of achieving their stated goals,

THEY’RE LYING ABOUT THEIR STATED GOALS,
AND THE DAMAGE _IS_ THE GOAL.


20 posted on 12/07/2012 5:36:40 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: massgopguy

No it’s not passed along. It’s a tax on the Gross revenue not the Net.”””

Not following your logic here, friend.

The tax is on the MANUFACTURER of the items, as I understand it.

Therefore—the manufacturer will add such costs to the price of what they sell to the medical clinics, doctors, and hospitals.
That certainly becomes a ‘pass along cost’.


21 posted on 12/07/2012 8:42:46 AM PST by ridesthemiles
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To: george76

The liberals who worship obama don’t care. All of healthcare is going to be free. But they will be surprised.

http://www.youtube.com/watch?v=OxuypHXaIFw


22 posted on 12/07/2012 3:27:29 PM PST by Terry Mross (I haven't watched the news since the election. Someone ping me if anything big happens.)
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