Medical Device Tax

IRS finalizes new tax for medical devices in healthcare law

WASHINGTON | Wed Dec 5, 2012 5:18pm EST

(Reuters) - The U.S. Internal Revenue Service on Wednesday released final rules for a new tax on medical devices, products ranging from surgical sutures to knee replacement implants, that starts next year as part of President Barack Obama's 2010 healthcare law.


The 2.3-percent tax must be paid, effective after December 31, by device-makers on their gross sales. The tax is expected to raise $29 billion in government revenues through 2022.
Companies including Boston Scientific Corp, 3M Co and Kimberly-Clark Corp have been lobbying the U.S. Congress for a repeal of the tax.

Gallup: 53 Percent of Democrats Have ‘Positive Image’ of Socialism

By Jon Street

December 5, 2012

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President Barack Obama and House Speaker John Boehner. (AP Photo/Carolyn Kaster)

(CNSNews.com) - According to a recent Gallup poll that asked participants if they have a positive or negative image of socialism, 53 percent of Democrats and “leaning democrats” said they have a positive image while 23 percent of Republicans and “leaning republicans” said their image is positive.