Of (device) taxes, brains & spite
Another Tax Day has come. This year brings a bitter reminder of the perils of U.S. tax policy, particularly the ill-conceived medical device tax. The tax has gobbled an estimated $450 million from manufacturers’ pockets since Jan. 1. While costs could hit $2 billion annually, the true costs in terms of foregone opportunity in medical advances could be incalculable. In an opinion piece in the Wall Street Journal, Siemens Healthcare CEO Gregory Sorenson makes an impassioned appeal on behalf of current and future patients for the repeal of the tax.