In March of 2014, the American Action Forum (AAF) found that the administration had still failed to approve paperwork requirements for the individual mandate required by the Affordable Care Act and a host of other significant regulations. It now appears that the White House recently rejected IRS’s individual mandate paperwork and another notable requirement, the Net Investment Income Tax.
The American Action Forum recently released a study revealing that the price of the lowest-cost health insurance coverage for a 30 year old single male nonsmoker is set to increase by 260 percent between 2013 and 2014.
Under the Paperwork Reduction Act (PRA), businesses and individuals are required to submit and retain federal forms. Contrary to its name, the Act hasn’t resulted in drastic reductions in paperwork, with the current burden at 10.3 billion hours of regulatory compliance. There are penalties, including fines, for failure to comply for individuals. But what happens when federal agencies don’t comply with the PRA?