Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: ManyMoose who wrote (354214)	3/18/2010 9:04:54 PM
From: FJB	1 Recommendation Respond to of 793994

Republicans assail IRS provision in health care bill By Vicki Needham - 03/18/10 03:22 PM ET House Ways and Means Republicans on Thursday assailed a provision in the proposed health care reform bill under consideration this week. Subcommittee on Oversight ranking member Charles Boustany (R-La.) said the IRS provision in the bill "dangerously expands, in an ominous way the tentacles of the IRS and it's reach into every American family," he said today during a press conference. "This is a vast expanse of power," he said. Boustany said the bill would allow the IRS to confiscate refunds if there are penalties for not buying health care. Lawmakers have questioned whether the IRS can handle the increased workload to oversee, administer and collect penalties for people who don't buy health insurance. "This is increasing tax liability and tax scrutiny," said Rep. Peter Roskam (R-Ill.). Ranking member Dave Camp (R-Mich.) said many Americans have already rejected the call for health care reform for other reasons and an expansion of the IRS should only add to call to "kill the bill." Taxpayers could be required to buy insurance under President Barack Obama’s reform proposal by 2014 or face penalties of roughly $325 per individual that the IRS would collect. Assuming it becomes law, the Congressional Budget Office expects the IRS will need roughly $10 billion over the next 10 years and nearly 17,000 new employees to meet its new responsibilities under health reform. "We're going to fight to the end to see that this does not pass," Boustany said. Source: thehill.com The contents of this site are © 2010 Capitol