10% Tax on Cosmetic Surgery

10% Tax on Cosmetic Surgery

Face-lifts, tummy tucks and Botox could be hit with a new tax to help finance the trillion-dollar healthcare overhaul plan, as if cosmetic procedures aren't expensive enough. The Senate Finance Committee has discussed imposing a 10 percent excise tax on cosmetic surgery deemed unnecessary for medical purposes.

The law defines cosmetic surgery as "any procedure which is directed at improving the patient's appearance and does not meaningfully promote the proper function of the body or prevent or treat illness or disease."

According to the IRS, deductions for procedures such as reconstructive surgery due to cancer or laser eye surgery would be allowed. But nose jobs, liposuction, teeth-whitening procedures and Botox injections to smooth wrinkles would be prohibited and subject to the new tax.