Murkowski Issues Tax Day Statement
WASHINGTON, D.C. – U.S. Sen. Lisa Murkowski, R-Alaska, today issued the following Tax Day statement:
“That phrase ‘the taxman cometh’ is always an apt one every April 15, tax filing day, but it’s particularly fitting this year with the recent enactment of the health care reform law which is going to levy hundreds of billions of dollars in new taxes and penalties on millions of individuals and small businesses across the country. Besides the half trillion dollars in additional taxes, the new health care law will further complicate the task of preparing one’s taxes, already an onerous-enough chore.
“The new federal law will require all entities providing health insurance to supply the IRS with the name, address, ID number and type of policy purchased, including whether the policy is government-approved. In order for the IRS to track and police these new mandates, it’s been estimated that the agency may need to hire up to 16,500 new agents.
“The new law also will require Americans to declare their sources of health insurance coverage by filing a new “1099-HC” form. There’s a good chance that these new requirements will increase considerably the time and energy needed to complete even a basic tax return. For those who don’t comply, the new law subjects them to tax penalties of at least $695 or 2.5 percent of income, whichever is greater, by 2014.
“April 15 is already a stressful enough day for most Americans; unfortunately, it’s only going to become more frustrating as taxpayers comply with the new mandates included in this $2.6 trillion government takeover of the health care system.”