Category: Medical Device Tax
Massachusetts Congressional challenger Seth Moulton vows to fight against the medical device tax, putting fellow Democrat and long-time House incumbent John Tierney on blast.
The medical device tax has long been a rallying point for lawmakers on the right, but the levy is making a cameo appearance in a fight among Democrats looking to represent Massachusetts' 6th District.
Opponents of the medical device tax have new grounds for their calls for repeal after a U.S. Treasury report finds that the IRS is having a hard time making sense of the levy.
MASSDEVICE ON CALL — Medical device industry lobbyists have new ammunition in the fight against the 2.3% Affordable Care Act tax thanks to a U.S. Treasury report citing several issues with the IRS's management of the levy.
A U.S. Treasury report on Obamacare's medical device tax reveals that the IRS is having problems figuring out which companies should be paying the 2.3% sales tax and that the tax bureau is only collecting about 76% of the tax it thinks is owed.
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Not even the IRS can make sense of the medical device tax, a provision of the Affordable Care Act requiring medical device companies to pay a 2.3% levy on all U.S. sales, according to a report from a U.S. Treasury inspector general.
Massachusetts Gov. Deval Patrick establishes a commission to study a possible tax credit to offset the 2.3% excise tax on U.S. medical device sales for the Bay State's medtech cluster.
Updated July 30, 2014 with comment from MassMEDIC
Massachusetts Gov. Deval Patrick is establishing a special commission to study granting a tax credit to the Bay State's medical device companies to offset the medical device tax.
The IRS calculates that medtech companies paid the federal government $1.4 billion in medical device excise taxes in 2013, according to a response to a Freedom of Information Act request by MassDevice.com.
Medical device companies ponied up $1.4 billion in excise tax payments to the federal government in 2013 to pay for Obamacare, according to documents supplied to MassDevice.com by the Internal Revenue Service.
Medtronic says it paid out $112 million during fiscal 2014 for the medical device tax enacted as part of Obamacare, or nearly 4% of total profits.
Medtronic (NYSE:MDT) said today that it paid out $112 million for the medical device task during fiscal 2014, representing a nearly 4% hit to the bottom line.
The world's largest pure-play medtech company shelled out $21 million during fiscal 2013, according to regulatory filings. Medtronic's fiscal year closes near the end of April.
Medtronic's pending acquisition of Covidien will see the company's headquarters moved to Ireland, and one political hopeful is blaming the Obama Administration for chasing innovation out of the U.S.