Plastic surgery may get even pricier, as our government leaders consider the idea of funding health care reform through a cosmetic surgery tax.
Several economic news reports have revealed that the fed may impose a 10 percent excise tax, known as the “Bo-Tax,” on select plastic surgeries as a way of helping fund the $1 trillion health care overhaul plan.
The tax would apply to procedures deemed unnecessary for medical purposes. The list includes facelifts, teeth whitening, tummy tucks, Botox injections and hair transplants – which are always cosmetic in nature, rather than offering tangible health benefits.
Under Section 213 of the Internal Revenue Service Tax Code, these procedures currently do not qualify as itemized tax deductions when people calculate their medical expenses.
It isn’t yet known how much national revenue the new excise tax would yield. However, New Jersey has already had a similar tax in place since 2004, which has only generated 25 percent of the anticipated revenue, according to the American Society of Plastic Surgeons.
“It’s something to follow and something to be concerned about, because it could have negative consequences for plastic surgeons as well as for their patients,” said Dallas healthcare attorney Michael Byrd.
“There’s a lot of data out there that a significant portion of the patients that get cosmetic procedures are actually the middle class. They will be impacted by this, as well, and it will further delay them getting the procedure of their dreams that they’ve been saving up for.”
So far, no bill has officially been brought before the Senate Finance Committee. We will keep you posted as the story develops.