This tax is part of Chapter 32 of the federal tax law that covers manufacturer excise taxes. Here is an outline (with links provided by Cornell Law School Library):
- Subchapter A—Automotive and Related Items (§§ 4061_to_4063–4105)
- Subchapter B—Coal (§ 4121)
- Subchapter C—Certain Vaccines (§§ 4131–4132)
- Subchapter D—Recreational Equipment (§§ 4161–4182)
- Subchapter E—Medical Devices (§ 4191)
- Subchapter F—Special Provisions Applicable to Manufacturers Tax (§§ 4216–4220_to_4225)
- Subchapter G—Exemptions, Registration, Etc. (§§ 4221–4227)
The Joint Committee on Taxation scored the bill as generating "negligible" revenue. The Center for Disease Control estimates there were about 135 million flu vaccine doses in 2012-2013. That means the bill might generate about $101 million per year.
Why do I mention any of this?
- A tax bill was passed - and quickly. Not something we see often.
- How many people even knew there was a tax on various vaccines, to generate funds for the Vaccine Injury Compensation Trust Fund? Our tax law does a lot of things. The IRS has to collect this tax and administer it with forms and rules.
- There are many parts of the federal tax law that won't get touched by upcoming tax reform which is focused on income tax reform. There is a lot of tax law beyond the income tax.
What do you think?