Tags: obamacare | tax | work | expense

GOP: Obamacare Will Cost Americans 80 Million Hours in Tax Work

Tuesday, 11 Sep 2012 04:04 PM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Republican congressmen ripped the healthcare reform law once again Tuesday, saying Americans will have to spend 80 million hours complying with Obamacare’s new mandates and tax filing requirements.

So both businesses and individuals should get ready for confusion and frustration, the legislators say, according to The Hill. The complaints came at a hearing of the House Ways and Means Oversight subcommittee. The GOP congressmen accused the IRS of political interference.

Of the 80 million hours, half will go to small businesses working to figure out tax credits that help them pay for their healthcare coverage.

Former IRS Commissioner Fred Goldberg, who served during the George H.W. Bush administration, offered a powerful condemnation of the Affordable Care Act at the hearing.

"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," he told the hearing.

Goldberg said Obamacare’s insurance exchanges shouldn’t be responsible for setting subsidy amounts for buying insurance.

The law establishes insurance exchanges in each state and provides for a federal substitute in states that don't set up their own. Most people who buy their insurance through the exchanges will be eligible for a subsidy.

But Republicans say the IRS has contravened Obamacare’s text by saying it will provide subsidies in both state-run exchanges and federal substitutes.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Boehner's Christmas Carol Celebrates a GOP Congress

Thursday, 18 Dec 2014 23:15 PM

Republican House Speaker John Boehner put his own political spin on "a Christmas reading" on his YouTube page Thursday,  . . .

Dershowitz: Hollywood Should Have Followed Rushdie Example

Thursday, 18 Dec 2014 22:29 PM

Hollywood should have rallied around Sony Pictures and released "The Interview" jointly online, says Harvard law profess . . .

Army Pulls ROTC Job Posting Requiring Christian Candidates

Thursday, 18 Dec 2014 22:18 PM

The Army has pulled a job posting at an Illinois religious college that required leaders of its ROTC program to be Chris . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved