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Rep. Charles Boustany, (R-La.), on the potential financial impact to implement the health-care law’s mandates.
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-- concerned about -- Affordable Care Act.
How are you in -- failing no advanced.
It's about more than just health concerns a huge part of the effect on all of us is going to need to taxes associated with -- and that's if our friends of the -- don't have enough to keep track of now they are also saddled with administering the tax -- in the new health care law Republicans on the joint economic committee estimated that the IRS needs brace yourself.
6500.
More agents just to manage the new tax mandates.
Earlier today a house panel held a hearing on the IRS's role in all of this with me now out of Fox Business exclusive straight.
Congressman Charles -- -- congressman thank you so much for joining me.
I gotta tell you this terrifies me at a break -- say it out lags I think over the get audited here 6500.
More age is I don't know.
-- -- the more we find out about the Affordable Care Act the less we like we know this is a massive tax bill.
There -- 47 tax provisions in the bill.
Now we've seen seventeen regulations issued volumes and volumes of work.
That we're gonna have to read through it sort through what what this is going to mean for taxpayers American business owners and families.
Eighty million.
Man hours of labor.
Due to comply with this and that's just seventeen.
Regulations this is only the start of this what it's gonna cost the taxpayer and -- to do that higher all of these people do that work.
Well I asked to deputy commissioner of the IRS that exact question today he's gonna have to get back to -- -- -- candidates are.
And that's a problem we don't know how much this is going to cost and I've asked for information from the office of management budget.
What is what is -- gonna cost taxpayers across this country to comply just with -- seventeen.
Regulations.
So what we have not hire all these people in order to audit and take survey -- it.
Are we gonna get taxed to pay for that are they gonna go out to find people and and recoup that money in order to pay -- so.
I'm gonna be paying for it.
Well we also heard today from a former IRS commissioner and assistant secretary of treasury for tax policy who said.
This is a quagmire.
It is so complex.
It is so difficult and the compliance burden is going to be enormous.
It is really going to put it further drag on the economy on hiring and so forth.
And they're going to be many many unintended consequences as a result that will be adverse to hiring.
To creating.
You know new job positions private sector job positions in this country.
We're going in the wrong direction we want to simplify the tax code not make it more complex.
Which pretty -- -- tore into sort of a super Bloomberg power agency I mean are we giving them super humans Superman type powers because it seems like all of a sudden are going to be in charge of everything.
They're getting bigger.
It's a little scary.
-- Getting into all kinds of areas one of the witnesses today said that just.
All of the tax credits and tax expenditures in the tax code amounts to the fourth largest domestic spending program.
This is saying that the IRS is being asked to do more and more and more.
Anymore and in a much more intrusive way in all of our law.
-- -- in the strategy doing I mean I love them my love every IRS agent out there without question every single one -- all fantastic.
Mitt Romney has said that he would -- the health care -- as one of his first acts.
So I wonder at how much is gonna cost to unwind all this I mean you're having hearings dirty talking about it setting it up.
What about the cost of back.
What we already know there's enormous cost -- -- already been incurred on the part of businesses and and families trying to figure out how to comply with this.
Unwinding it will be announced that you know clearly because first -- we'll have to get the legislation passed and then you gotta -- of all the regulations that are out there.
And there's a lot of conflicting information.
That we're having to deal with as it is apparent conflicts regarding the statute so.
This is -- this is really a mess our congressman thank you so much for joining us we appreciate your time thanks very.
