Nip/Tuck: Scalpels Drawn Over 'Bo-Tax'

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Get ready for a tax on any nip and tuck. The U.S. Senate is considering a tax on cosmetic surgery.

The proposal is called the 'bo-tax.' It is a play on Botox, a treatment to eliminate wrinkles.

The 5 percent excise tax will be for all elective cosmetic surgeries. It's estimated this provision would raise nearly $6 billion in the next 10 years.

Some in the industry are less than pleased with the proposal, arguing many practices will be forced to either close shop or lay off staff.

"I suspect it's going to hurt us," Dr. David Broadway, a Denver plastic surgeon, told the Denver Business Journal. "We're already in an industry that's reeling from the economy."

Allergan Inc. and Medicis Pharmaceutical Corp., two leading companies in aesthetic treatments, are launching lobbying and public relations campaigns against the tax, the Wall Street Journal reports.

Congress "thought they were taking some money out of the pocketbooks of women who shop on Rodeo Drive in Beverly Hills or Fifth Avenue in New York, but it really is going to hurt soccer moms," Allergan Chief Executive David Pyott said.

If passed, the tax will begin January 1.

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