IRS Obamacare Power of the Day: Medical Device Tax
Throughout the summer, Americans for Tax Reform will be highlighting the most outrageous new powers that the IRS will have under the Obamacare law. According to a report from GAO, the IRS is tasked with nearly four dozen new powers under that law. Each day, one will be selected for a brief review.
Manufacturers of medical devices like pacemakers, crutches, and prosthetics face a new 2.3% gross receipts tax under Obamacare. That means they have to pay the tax even in a year where they lose money.