ObamaCare is substantially worse than most people think. “The length and complexity of the legislation, combined with a debate that often generated more heat than light, has led to massive confusion about the law’s likely impact. But, it is now possible to analyze what is and is not in it, what it likely will and will not do. In short, the more we learn about what is in this new law, the more it looks like bad news for American taxpayers, businesses, health-care providers, and patients.”
New ObamaCare regulations to increase tax revenues by adding paperwork to small businesses will sock businesses with onerous regulations. “An Internal Revenue Service watchdog warned Wednesday the paperwork burdens on small businesses may outweigh the benefit of tax collections generated as part of the new health-care law. Starting in 2012, about 40 million businesses, charities and other entities will be required to report to the IRS payments they make to suppliers and service providers, the IRS Taxpayer Advocate Service said in its midyear report to Congress.”
The only medical doctors in the Senate, John Barrasso (R-WY) and Tom Coburn (R-OK,) released “Bad Medicine,” a report on the 100th day of ObamaCare. It highlights the hidden costs and problems with the bill. “One of the most startling assertions in the Coburn/Barrasso report – which was obtained ahead of its release by The Daily Caller – is that nearly 100 million Americans will lose their current form of health insurance and will be required to obtain more expensive plans. One of the president’s most constant refrains in selling his health bill was that if Americans liked what they had, they could keep it.”
“Just a few months ago, President Obama signed the health-care bill into law amid much fanfare. But we’re hearing a different tune from small-business owners. They’re asking: How much is this going to cost me, how can I opt out, isn’t there any way to stop this from taking effect?”
In addition to the direct costs of ObamaCare’s $500 billion in new taxes, there are also indirect costs from the new tax regulation. Section 9006 of the law puts vast new reporting requirements on businesses, forcing them to dramatically increase their administrative costs as they now have to report nearly every single business relationship.
Obamacare would condemn more low-skilled workers to the ranks of the unemployed, with part-time workers — disproportionately women — being hit the hardest.
If nothing else, ObamaCare may prove a stimulus to the paper industry, as its expansive utilization of IRS Form 1099 would force Americans to spend countless irritating and unproductive hours filling out and transmitting additional federal paperwork.
“Experts say the new regulations make holding costs down even more of a Sisyphean challenge for small businesses: If they make changes in their current plans to save money, they risk losing their grandfathered status and will be forced to comply with new mandates that are expected to increase costs.”
House Republicans created a report card for ObamaCare 90 days in, cataloguing the failing grades the bill received on issues like costs to families, job creation, and deficit reduction.
Office furniture maker Steelcase Inc. has reported a first quarter ObamaCare charge of $11.4 million. The charge results from the health-care overhaul’s removal of a tax break for providing prescription drug coverage to retirees.