MEDICAL DEVICE TAX INCREASES – WOW!
Did you know OBAMACARE created a new tax on medical devices? Something you may not know is what medical devices are included in the new tax.
This 2.3% Medical Excise Tax that began on January 1st was designed to be “hidden” from the consumer. You can find this by visiting the IRS’s website.
Q1. What is the medical device excise tax? A1. Section 4191 of the Internal Revenue Code imposes an excise tax on the sale of certain medical devices by the manufacturer or importer of the device.
Q2. When does the tax go into effect? A2. The tax applies to sales of taxable medical devices after Dec. 31, 2012.
Q3. How much is the tax? A3. The tax is 2.3 percent of the sale price of the taxable medical device. See Chapter 5 of IRS Publication 510, Excise Taxes, and Notice 2012-77 for additional information on the determination of sale price.
Go to http://www.irs.gov/publications/p510/ch05.html and click on “Chapter 5 of IRS Publication 510.” Look for “MEDICAL DEVICES” under “MANUFACTURERS TAXES”?
The following discussion of manufacturers taxes Applies to the tax on:
Sport fishing equipment;
Fishing rods and fishing poles;
Electric outboard motors;
Fishing tackle boxes;
Bows, quivers, broadheads, and points;
Arrow shafts;
Coal;
Taxable tires;
Gas guzzler automobiles; and
Vaccines.
We have definitely been screwed again by Congress. Anyone who believes that the Affordable Care Act is just about health care is a moron. The deeper you dig it is nothing more than a bill stuffed full a whole lot of taxes that most Americans are not aware of.
Remember what Nancy Pelosi said…….”We have to pass it to see what is in it”. What is next? We will find out as time goes by what other covert fate awaits us as the liberal Congressmen who approved this and the media has no interest in exposing this monstrasity. WHY?
Thanks for sharing these facts Ray.
WAKE UP AMERICA!
C Brewer
A Conservative View 