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FBN’s Liz MacDonald on the additional taxes and paperwork created by the health-care law.
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Hello everybody -- Gerri Willis.
Get ready a flood of obamacare -- are coming and it's going to take a mountain of paperwork to get in all the fine -- Fox business's Liz Mac -- is here to break it all -- what's going.
-- -- love about that congress and why don't really plummeted.
If they pass a lot right cherry and then it's sort of like the IRS has to do what the IRS.
Has enacted in really -- -- how works of the joke is that the iris is operating on pneumatic -- still and they Obama care law's going to basically blow a lot of circuits at the IRS and burn up a lot of bandwidth and the terms -- haven't administrative.
So did -- if you have investment income -- can't capital gains or dividends annaly you have to -- -- -- -- cash out your stocks bonds.
Or get dividends even had to -- extra surtax on top of that so what we're seeing is the -- of the say -- Guess what we have to issue now possibly 159.
Pages of rules to oversee it.
I doubt it becomes the top.
A little bit about this and this sort of disappeared.
Yeah apparently it disappeared from the IRS has to do list too so all of sudden out of the blue -- haven't already by a.
Profit yeah it did he -- -- in reference to close to say we have the past agency within and now we're seeing within it so -- thing is is that that this did the rules are supposed to help pull Lynn.
318 billion dollars over the next ten years to help pay for health reform.
So you know the thing is there may be a brand new -- that taxpayers are gonna have to deal with to basically calculate the math.
On this front a -- so well itself like a migraine and and -- the migrant but I -- -- the here's the kicker and here's a big problem.
I mean this surtax as -- to go on you know investment income what they're struggling with now as well wait a second what about rental income.
So what about rental income was a big deal if you Obama oversee don't collect Brennan -- apartment or house of whatever exactly are you have to -- the surtax.
Do we know that we don't know I -- -- dot -- -- -- if that's something that is now at the hot debate behind the scenes it wasn't taking care of and I just read before -- appeared on your show right now.
-- read through the IRS what they're saying in the what's called a federal registered to putting this up for comment.
And there's been when you read the Katrina lines we need we be read it there's no mention of rental income and so that congress may have off.
Over it oversight here so this is this is something that the viewers you have to stay on top up unfortunately it's not being addressed right now in my read -- the rules.
To administer this.
Used to -- to be clear here you are an IRS expert what color it is hello have tied in front of congress.
Had talked about this publicly obviously done a tie in of reporting in digging on this topic.
How can we expect it to be adapt to all these new rules so quickly it's gonna take accountants.
And months and months yeah arms around all these new rules that may go into place and frankly may not.
Going again -- the past I have testified like talk about myself but I Daiwa's ass as a journalist to come in and talk about.
-- from -- tax reform and I did and it was an uncomfortable position to be -- But you know in my sources that they -- I think told me time and again.
That it's very difficult every you for -- for the congress always fiddle as they do every year with the tax code any way.
And now Obama -- is that big big thing that they -- going to have to digest.
And there it is the one that is going to have to oversee the administration.
Of obamacare so.
You know in talking to the IRS auditors and revenue agents.
They they do say that you know they don't think there will be lot of penalties and fines -- that's also relying and that's a good thing.
What is it issue though is whether or not your refund checks will be.
You know taken if you don't harp properly -- -- from obamacare -- is about what's at risk play and I feel like tire and -- ideas so thanks recover sorry to have the same here.
