Medical Device Excise Tax

: TaxVox

When does “repeal” mean “reform?”

Another presidential candidate floats a flat tax, but would it sink under its own weight? This time it’s GOP contender Rand Paul. He’d replace the tax code with 14.5 percent in federal tax on all personal income, including wages, investment income, and rents. He’d repeal the Social Security and

June 19, 2015Renu Zaretsky

: TaxVox

An Agency Wronged, A Minor Tax Maligned

The IRS is unable to do right by taxpayers, says the National Taxpayer Advocate. In its annual report to Congress , the in-house IRS watchdog finds that the agency’s budget cuts have eroded taxpayer service , especially for low-income taxpayers. At the same time the lack of effective administrative

January 15, 2015Renu Zaretsky

: TaxVox

New Congress, New Rules, Old Obstacles

The House orders dynamic scoring. On the first day of the new Congress, the House, by a largely party line vote, instructed the Joint Committee on Taxation and the Congressional Budget Office to include macroeconomic effects when it calculates the revenue effects of major tax bills. The rule comes

January 7, 2015Renu Zaretsky

: TaxVox

Cheap Talk, Scoring, and Promises

Congress is in recess through the mid-term elections. The Daily Deduction will post each Monday until then. Counting devices before they hatch? Should the GOP take the Senate in November , medical device makers may see a renewed push to repeal the 2.3 percent excise tax on their products. The tax

October 13, 2014Renu Zaretsky

: TaxVox

The ACA, Extenders, and More Swiss Banks

Employers can’t “dump” their employees in ACA exchanges. Some large employers hoped to offer tax-free cash to employees to help them pay Affordable Care Act insurance premiums, a cheaper alternative to covering workers directly. But the IRS ruled against that . The penalty for doing so could cost

May 27, 2014Renu Zaretsky

Individual Taxes: TaxVox

Why Not Ditch the Medical Device Excise Tax and Boost Cigarette Taxes?

Senate Republicans are insisting that the 2.3% excise tax on medical devices, enacted as part of the Affordable Care Act, be repealed as part of the package extending expired tax provisions . Democratic Senate Majority Leader Harry Reid says the proposal to chip away at part of Obamacare is not

May 23, 2014Leonard E. Burman