The Biden administration is not making it easy on American seniors on Medicare to enjoy the holiday season this year with the possibility of high prescription drug prices under the Christmas tree. The poorly named 'Inflation Reduction Act' has a provision that imposes an escalating excise tax on the sale of medicines. The tax kicks in if drug companies do not agree to government price controls. This tax could be called 'The Seniors Drug Tax' if it comes to fruition and it will be as welcomed by the elderly as a lump of coal in the Christmas stocking.
