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Surprise, surprise: The IRS has testified before Congress that the small business tax credits in Obamacare are so complex, they are essentially useless for most employers. Makes one wonder if that was the plan all along.
One aspect of President Obama’s health care law touted by its supporters is the inclusion of a small business health care tax credit. But recent testimony by a leading bureaucrat at the Internal Revenue Service shows this aspect of Obama’s law, like so many others, is destined to fail.
Small business employers have no incentive to participate in the tax credit plan. In order to comply, a small business owner has to file Form 8941 with the IRS. This 20-line form requires employers to report the number of employees they have, the average amount they are paying them, the total amount spent in premiums on them, and the average premiums for small-group coverage in their area. And that’s just if you have a simple situation.
What if you have a more complex situation? Too bad. Hire someone to figure it all out … and be sure to include that new employee on Line 34 of Page 134, Subsection D(ii) of the forms you must fill out to comply with a government that knows how to run your business better for the “common good.” Who says Obama hasn’t created jobs? These are flush times for compliance officers.
The kicker? The IRS says, “It’s not our fault.” That’s comforting. But now we get a better sense of why the IRS has to hire some 16,000 new agents just to make sure everyone is complying with Obamacare.
Read the rest here.