A week after small businesses warned that Obamacare taxes will eat up to half of their profits, a new government report reveals that simply complying with the new tax rules in the health care act will cost American families and businesses nearly 80 million hours--essentially a whole new tax.
Based on Internal Revenue Service figures, the House Committee on Ways and Means has compiled an estimate of the total amount of hours it will take to comply with the tax rules. The bottom line: 79,229,503 hours, most of which will fall on small businesses.
For fun, the committee gave a comparative example.
"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."
The committee said that Obamacare has resulted in thousands of pages in IRS and Treasury rules including 17 regulations, 5 revenue procedures, 2 revenue rulings, and 14 Treasury decisions.
"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," said the panel headed by Rep. David Camp.