ObamaCare -- An Explosion of Regulatory Burdens
September 27, 2012
The Obama administration's health care law is already poised to cost billions in regulatory costs. However, few look to the burdens that the government and businesses will have in an effort to comply. Countless hours will be spent going over and finishing paperwork. Every hour spent on complying with the law is productivity and resources being taken away from businesses and hospitals, says Rep. Dave Camp (R-Mich.).
The Internal Revenue Service (IRS) and U.S. Treasury have already issued thousands of new rules and regulations including: 40 notices, 17 regulations, 5 revenue procedures, 2 revenue rulings and 14 Treasury decisions. There are over 80 million hours of rules and regulations that American businesses and families have to comply with. Some examples of the annual burden in labor hours include:
- Return of the organization exempt from income tax under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code : 25,766,156 hours.
- Form 3800, General Business Credit: 5,307,500 hours.
- Credit for Small Employer Health Insurance Premiums: 40,189,456 hours.
- Quarterly Federal Excise Tax Return: 4,366,381 hours.
These estimates come from the IRS and are approved by the Office of Information and Regulatory Affairs. With all the time put in trying to comply with regulations, it is no wonder that over 70 percent of small businesses cited the new health care law as the biggest impediment to job creation.
Source: Dave Camp, "ObamaCare -- An Explosion of Regulatory Burdens," House Committee on Ways and Means, September 11, 2012.
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