Doom and Gloom: Obamacare Taxes Coming
According to The Hill, the IRS is preparing for the additional tax code changes included in Obamacare.
“At least eight of the modifications, which include penalties for those who do not acquire healthcare coverage and incentives for those who do, are forcing the IRS to craft entirely new processes to administer the law. In all, the overhaul contains $438 billion in new taxes and fees, the audit found.”
A statement from the tax administration inspector general claims that Obamacare “represent[s] the largest set of tax law changes in 20 years.” Because a bigger tax code is exactly what this country needs right now, am I right?
As of April, 368 IRS staffers have been assigned to Obamacare related work within the IRS. Remember how Obamacare was supposed to save money? Well so far it’s increased taxes and grown government – and oh yeah, it hasn’t saved any money either.
Note to President Obama: the law has not delivered as promised, it’s not popular with the American people (more than half of Americans have supported repeal since it was signed into law), and it’s a political liability. It might be better, politically, to admit that it didn’t work as planned and to scrap it and start over.
So as our economy struggles to recover, we have this to look forward to.