Prolly one of the most destructive aspects of Obama Care. It's already killed jobs in the industry and will stunt innovation. I've been in the medical device field for 30yrs, I've seen the changes first hand. Franken is shitting himself now. Douche bag.
Originally Posted by bambino
so you're against taxing a company that imports medical devices ? ... figures, you're an idiot.
The tax is 2.3 percent of the sale price of the taxable medical device. See Chapter 5 of IRS
Publication 510, Excise Taxes, and
Notice 2012-77 for additional information on the determination of sale price.
Q4. Who is responsible for reporting and paying the medical device excise tax?
A4. Generally, the manufacturer or importer of a taxable medical device is responsible for filing
Form 720, Quarterly Federal Excise Tax Return, and paying the tax to the IRS.
Q5. Will individual consumers be subject to any reporting or recordkeeping requirements?
A5. Generally, no action is required by individual consumers. Because the tax is imposed upon the sale of a taxable medical device by the manufacturer or importer, the manufacturer or importer is responsible for reporting and paying the tax.