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

Ryan Ellis, National Review Online

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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.