IRS Screws Up Obamacare Medical Device Tax



From the department of Who Could Have Predicted That? comes news that the Internal Revenue Service is blowing the collection of the medical device tax, one of the revenue streams expected to fund Obamacare. "the IRS cannot identify the population of medical device manufacturers registered with the Food and Drug Administration that are required to file a Form 720 and pay the excise tax," the Treasury Inspector General for Tax Administration (TIGTA) tells us in a July report publicly released this week.

Collections have been a tad less than expected too, which isn't so surprising given that the tax collectors don't really know who is supposed to pay it.

NEXT: Your Regular Reminder of the National Treasure That Is Senate Majority Leader Harry Reid

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  1. No comment.

  2. Gotta repeal this fuckin’ turd.

  3. Left to their own devices….

  4. Well, there’s another billion or so that American companies will sit on until the capitalists ride to the rescue in 2017. (Assuming.)

    Tell ya, when this nightmare ends, we’re gonna see so much cash we’ll be shredding it and using it for kitty litter.

  5. I’d wager that those medical device manufacturers have already raised their prices to consumers to make up for the medical device tax whether or not they are paying for it.

    1. If businessmen could merely raise prices at will whenever costs rise, then why do businessmen go out of business? Why do not they merely raise prices to avoid any cost pressure that could sink their firms?

      There is one, true, infrangible law that governs the whole of trade, the Law of Prices. The Law of Prices holds the winning bids of purchase and sale in the face of what is on offer sets the price.

      In the USA, Congress sets the price of medicine, including medical devices. Congress spends $6.50 of every $10 spent on medicine in the USA. Therein lies the entire problem.

      If Congress is willing to pay more this year for medical devices than in past, then anyone also paying for medical devices must pay at prices set by Congress.

  6. my best friend’s step-mother makes $82 /hr on the computer . She has been fired for nine months but last month her pay was $13237 just working on the computer for a few hours. go to the website …

    ============ http://WWW.JOBSPUG.COM

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