A week after small businesses warned that ObamaCare taxes will eat up to one-half of their profits, a new government report reveals that just complying with the new tax rules will cost American families and businesses nearly 80 million hours.
Based on Internal Revenue Service figures approved by the Office of Information and Regulatory Affairs, and the Office of Managment and Budget, the House Committee on Ways and Means has compiled an estimate of the total hours required to comply, most of which will fall on small businesses.
|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 Declaration De La Contribution 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
|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
ANNUAL TOTAL BURDEN HOURS: 79,229,503
So what can be done in 79,229,503 hours?
The Empire State building, which took 7 million man hours to build, could be constructed 11 times.
The Curiosity Lander could travel from Earth to Mars 13,048 times.
Halley’s Comet, seen from Earth once every 76 years, could be spotted 119 times.
Obamacare has resulted in the IRS and the Treasury issuing thousands of pages of new rules and regulations, including 40 notices, 17 new regulations, 5 new revenue procedures, 2 new revenue rulings, and 14 new Treasury decisions. Sixteen (16) IRS regulations just to implement Obamacare, will require nearly 80 million man hours per year.