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This medical device tax is just not going to end well

Home - by - November 16, 2012 - 21:35 America/New_York - 6 Comments

Hot Air

Conventional wisdom: If you want less of something, put a tax on it. Obamanomics wisdom: Put a tax on… medical devices?! I.e., add another barrier to the industry whose slightest innovations can directly result in streamlined costs, improved efficiency, better health-care options, and saved lives? What the what?

Embedded within the shadowy depths of the Patient Protection and Affordable Care Act (sometimes, I like to use its official name just to re-appreciate the irony of “patient protection” and “affordable”) is a 2.3 percent excise tax on the sale of taxable medical devices by the manufacturer/importer — and it’s no small thing. Happening now:

Medical device executives will descend on Capitol Hill today to press members of Congress to address the 2.3% medical device tax before it takes effect in January. …

“Without action from Congress, implementation of the medical device tax will cost our economy thousands of high paying jobs,” MITA executive director Gail Rodriguez said in prepared remarks. “These job losses will directly impact patient access to the most advanced, life-saving medical technologies available.” …

The letter includes support from physician groups, venture capital firms and other organizations asking the Senate to repeal the 2.3% levy on medical device sales, which device makers will start paying in at the start of next year.

The tax won’t actually hit until this January 1st, but the repercussions are already making themselves felt in the industry.

 

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h/t   MJA

» 6 Comments

  1. Barry

    November 16th, 2012

    Clearly, these people are…get ready…racists.

    Sigh.

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  2. innominatus

    November 16th, 2012

    If they impose the tax on medical MJ users’ bongs, I might be OK with the whole mess…

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  3. Racist

    November 16th, 2012

    Look at the devastating effects “The Obama-Donor Protection and Shoddy,Rationed Care Act” is already having on access to pizza and pizza related jobs!!! Just imagine the effect it’s going to have on the Lifesaving Medical Device industry!!!

    One can only hope that whatever technology it destroys access to first, will be the one that Obastard needs to save his own life… after it becomes completely unavailable!!!

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  4. reddecaesari

    November 16th, 2012

    we will all end up on melting ice flows in the artic.

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  5. Edith McCrotch

    November 17th, 2012

    Dear Abbarrack,

    My 4 year old great neice has an insulin pump…her parents(unmarried of course) are Obama voters.

    Should I tell them to follow their age group’s modus operandi and boycott the manufactuers?

    signed,

    Old white dude

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  6. Bad Brad

    November 17th, 2012

    Signed, one of us, they just can’t see it. And don’t bother trying to explain it to them. Hang in their Edith.

    Thumb up +3