The most famous and far-reaching impact of the 2018 tax law on healthcare is likely the elimination of the “individual mandate” provisions of the Affordable Health Care Act.
But one small and less talked about provision of the 2018 Tax Law is a 2.3 percent tax on total sales of medical devices at the manufacturer and wholesaler level. Taxes like these, on items ranging from pacemakers to stents to defibrillators, are almost always passed on to consumers, and can also have far-reaching impacts on the costs of the entire health care system.
This is what’s often known as an “invisible” tax – one that you’re not paying directly, but that you’re paying for somebody else – and it’s very difficult to adjust your own tax strategy to accommodate these increases. The best tactic is to make sure you’re taking full advantage of those areas where smart preparation can save you money.
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