Category: Medical Device Tax
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.
A look at some of the top medical device companies suggests that the long-lamented medical device tax hasn't had much of an impact on their research & development budgets.
MASSDEVICE ON CALL — Despite repeated warnings and laments, the medical device tax implemented with healthcare reform hasn't appeared to make much of a dent in the industry's research & development activities, according to a small report.
Senate Republicans looking to include an amendment to repeal the medical device tax voted to block the tax extenders bill.
Senate Republicans, infuriated over Democrats' refusal to allow amendments to a bill that would extend some tax cuts, voted to block the tax extenders bill yesterday.
Senate Majority Leader Harry Reid (D-Nev.) isn't looking friendly to new efforts to add a medical device tax repeal amendment to a tax credit extension bill taking shape now, but Republican lawmakers aren't ready to back down.
Republicans aren't ready to back down from efforts to strike the medical device tax, even as insiders say that there's no way a repeal measure will make it into a tax credit extension bill taking shape now in the Senate.
An amendment to repeal the 2.3% sales tax on medical devices isn't likely to be included in pending legislation to extend tax cuts, according to Beltway insiders.
MASSDEVICE ON CALL — There will be no bid to repeal or postpone the medical device tax in the legislation under debate in Washington to extend certain tax cuts, according to the Connect public policy blog.