IRS Screws Up Obamacare Medical Device Tax
Shocking
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.
