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Joe Biden's 95% Drug Tax That You Didn't Know About

Ryan Ellis, National Review Online


Now, the cost of living may be going higher for some prescription medicines for seniors. Congress last year passed the Orwellian-titled “Inflation Reduction Act.” One provision requires the administration to name ten Medicare drugs that would be subject to government “negotiation” on price, something it did this month. If a company does not accept the price control imposed on the drug, it will be forced to charge a 95 percent excise tax on the sale of that medicine (on everyone who buys it, not just seniors). That is not a typo. The alternative to a government price control (which is likely to result in drug scarcity and a lot less breakthrough drug research) is for the drug companies to sell their medicines with a 95 percent excise tax on top of the sales price. If you think prescription medicines are expensive now, wait until the government gets done negotiating for you.
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