Posted by Rhett Brooks on Monday, September 17, 2012 12:37 PM EDT
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 for millions 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.