Tax: a 'Four-Letter Word' . . . With a Deficit
Posted Oct 09, 2012 in Publisher's Page
It would be downright silly to suggest anyone actually likes taxes so it's no surprise that a coalition of 400 medical device manufacturers voiced its opposition to the 2.3% excise tax on medical devices slated to go into effect January 1, 2013.
In other words, any time a tax is imposed, there's bound to be a "hey, why target me" reaction.
Interestingly, hearing aids and eyeglasses are exempt from this tax because these are "for use by an individual and are sold directly to the consumer at retail," according to the IRS and Treasury. For anyone who missed last month's news item about this tax, dental restorations--considered medical devices since 1997--are not exempt.
The NADL, in conjunction with all the major dental associations from the ADA to the DTA petitioned the IRS and Treasury to expand the "retail exemption" definition to include dental restorations. That request was denied.
Also requesting an expansion of the definition...
