Audit: ‘Obamacare’ tax not meeting revenue target
Source: ASSOCIATED PRESS
WASHINGTON (AP) — A government audit says an “Obamacare” tax on medical devices is falling short of its revenue target because thousands of companies aren’t paying it.
The audit by the Treasury inspector general for tax administration says the Internal Revenue Service needs to do a better job policing the tax.
To help pay for President Barack Obama’s health law, Congress enacted a 2.3 percent tax on the sale of medical devices used chiefly by doctors and hospitals, such as pacemakers and CT scan machines.
The tax took effect in January 2013. For the first six months of that year, the IRS estimated it would collect $1.2 billion from the tax. The audit said the IRS collected only $913 million — 24 percent less than the estimate.
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Read more: http://www.salon.com/2014/08/19/audit_obamacare_tax_not_meeting_revenue_target/
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