Who knew the bureaucrats haven’t gotten creative enough yet to tax legal drugs? I didn’t until I started blogging about taxes and paying attention to my receipts.
I noticed that fact earlier this year when I had to refill prescriptions for the first time since the New Year began, and today I discovered that the tax break applies to over-the-counter drugs, too. After lunch, I stopped at Walgreens to restock on ibuprofen for the office. The tab was $3.99 for a bottle of 50 pills, and no sales taxes were added.
Don’t think for a minute that drugs come without some government-imposed cost, though. The pharmaceutical industry is so heavily regulated that we taxpayers get hit with costs we’ll never be able to calculate because they are hidden in the price of our medicines.
By the way, I now know the true price of our medicines. I have yet to receive a prescription card from our new health insurer, so I had to pay full price for a two-pills-a-day prescription the other day instead of the $10 co-payment. It cost a whopping $100.99.