Federal health law makes tax day even more complex, expensive
An estimated one-third of Americans have waited until today to file their federal tax returns. These are typically the folks who either know or think they will owe money to the government.
Waiting until the last hours before the deadline could become increasingly stressful as the new federal health law continues adding complexity and expenses to the U.S. Tax Code.
Figures from the National Taxpayers Union Foundation (NTUF) show that since 2010, the cost of carrying out federal tax rules have been more than $200 billion each year. And from 2005 to 2013, the U.S. Treasury’s paperwork burden rose from 6.4 billion hours to 7 billion hours, making up nearly three-quarters of the paperwork burden of all government agencies combined.
Worse, according to the NTUF, the Affordable Care Act has added to the IRS:
- 1,077 pages of regulations
- 1,377 pages of Treasury decisions
- 669 notices
- 100 revenue procedures
- 12 revenue rulings
Read more here.
