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Banning styrofoam would have negative consequences for small businesses and consumers: http://t.co/Upjes6JZ2L
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The next European-style, nanny state ban? Styrofoam: http://t.co/Upjes6JZ2L
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May 18, 2013 11:30 AM
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Tax Compliance for Obamacare Amounts to 80 Million Hours
IRS estimates nearly 80 million hours of needed compliance for families and businesses
The House Committee on Ways and Means has compiled an estimate of the total amount of hours it will take to comply with the taxes contained in Obamacare. Based on IRS estimates, it will take nearly 80 million hours for families and businesses to comply with Obamacare taxes. To put this in perspective, according to Ways and Means, it is the equivalent of the Empire State Building being constructed 11 times, a building which took 7 million man-hours to build.
To make matters worse, Ways and Means has concluded that over half of the burden of tax compliance for Obamacare will fall on small businesses.
The IRS's numbers have led many, including former IRS Commissioner Fred Goldberg to express their disapproval with Obamacare. At the Ways and Means hearing last Tuesday, Goldberg stated:
"I believe the ACA in its current form will be a needless administrative and compliance quagmire formillions of Americans and that the ACA's powerful financial incentives will lead to significant unintended consequences that policy makers very much want to avoid."
Below is the number of hours each tax component of Obamacare will take for compliance and the aggregate amount at the bottom.
|
Regulation |
Annual Burden in Labor Hours |
|
1545-0023 Quarterly Federal Excise Tax Return |
4,366,381 |
|
1545-0047 Return of Organization Exempt From Income Tax Under Section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung benefit trust or private foundation) |
25,766,156 |
|
1545-0090 Form 1040-SS, U.S. Self-Employment Tax Return; Form 1040-PR, Planilla Para La Declaracion De La Contribucion Federal Sobre El Trabajo Por Cuenta Propia-Puerto Rico; and Anejo H-PR |
2,801,605 |
|
1545-0895 Form 3800, General Business Credit |
5,307,500 |
|
1545-2172 Affordable Care Act Enrollment Opportunity Notice Relating to Extended Dependent Coverage |
411,000 |
|
1545-2175 Form 8942 - Application for Certification of Qualified Investments Eligible for Credits; Notice 2010-XX - Qualifying Therapeutic Discovery Project Credit |
14,545 |
|
1545-2177 Indoor Tanning Services; Cosmetic Services; Excise Tax |
10,000 |
|
1545-2178 Interim Final Rules for Group Health Plans and Health Insurance Coverage Relating to Status as a Grandfathered Health Plan under the Patient Protection and Affordable Care Act (TD XXXX) |
323,000 |
|
1545-2179 Patient Protection and Affordable Care Act Enrollment Opportunity Notice Relating to Lifetime Benefits |
1,300 |
|
1545-2180 Affordable Care Act Notice of Rescission |
25 |
|
1545-2181 Affordable Care Act Notice of Patient Protections |
33,000 |
|
1545-2182 Affordable Care Act Internal Claims and Appeals and External Review Disclosures |
150 |
|
1545-2192 Form 8947 - Report of Branded Prescription Drug Information |
3,584 |
|
1545-2198 Form 8941 - Credit for Small Employer Health Insurance Premiums |
40,189,456 |
|
1545-2209 Branded Prescription Drugs |
1,800 |
|
1545-2232 Health Insurance Premium Tax Credit |
1 |
ANNUAL TOTAL BURDEN HOURS: 79,229,503
