How The IRS Is Botching Obamacare Tax Collection
The Internal Revenue Service is struggling to collect a new tax that’s critical to financing the president’s health care law – and auditors say the IRS’s flawed collecting process is allowing it to raise only three-quarters or so of the revenue that was originally expected. A new report from the Treasury Inspector General for Tax Administration flags the enforcement of the medical device excise tax, one of a handful of new taxes imposed under the Affordable Care Act. The Affordable Care Act’s excise tax – equal to 2.3 percent of the sales price of medical devices – took effect in January and, the Joint Committee on Taxation has said, is estimated to bring in about $20 billion through 2019.
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