Obamacare Increases Tax Prep Burden

Obamacare Protest / AP
September 18, 2012

Obamacare will take Americans 79,229,503 hours to comply with its regulations, the House Committee on Ways and Means has estimated.

Americans for Tax Reform issued a statement highlighting the committee’s estimate.

To put this [number] 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.

The Ways and Means Committee said in its statement:

Every hour and dollar spent complying with the Democrats’ health care law are time and resources being taken from growing a business, hiring new workers, or caring for patients. To date, the Democrats’ health care law has resulted in IRS and Treasury issuing thousands of pages of new rules and regulations, including 40 notices, 17 regulations, 5 revenue procedures, 2 revenue rulings, and 14 Treasury decisions. Sixteen IRS regulations implementing the health care law, found below, will require nearly 80 million man-hours per year according to the IRS. Given the enormous impact the regulations will have on job creators, it is no wonder that a recent survey found that over 70 percent of small businesses cite the health care law as a major obstacle to job creation.

President Obama came under attack for his "you didn’t build that" comments about small business owners. Nevertheless, Obama’s campaign is courting small business owners.