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September 27, 2013

IRS "Can't Find" $67 Million Slated for ObamaCare Rollout?

We hoped they looked under the sofa cushions:

The IRS is unable to account for $67 million spent from a slush fund established for Obamacare implementation, according to a Treasury Inspector General for Tax Administration (TIGTA) report released today.

The “Health Insurance Reform Implementation Fund” (HIRIF) was tucked into Obamacare in order to give the IRS money to enforce the tax provisions of the healthcare law. The fund, totaling some $1 billion of taxpayer money, was used to roll out enforcement mechanisms for the approximately 50 tax provisions of Obamacare.

According to the report: “Specifically, the IRS did not account for or attempt to quantify approximately $67 million [from the slush fund] of indirect ACA costs incurred for Fiscal Years 2010 through 2012.”

The report also found several other abuses of taxpayer funds...

To add insult to injury, the IRS has told the Inspector General that it will comply with the recommendations made in the report; unfortunately, the slush fund has been fully spent, making that promise meaningless.

And these people want us to trust them with our health care (and our medical data... and our financial information)? They can't even keep track of the money we hand over to them.

CWCID: Bad Blue

Posted by Cassandra at September 27, 2013 07:36 AM

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If you read the report, it doesn't actually say that the IRS lost the $67 million, but only that it didn't account for the $67 million properly. Easy to do. Happens all the time. Why just last year I goofed and put $50 million under the "qualified business expense" column rather than the "income" column on my 10-40 return. Unfortunately, the IRS did not catch my error until I had already spent my refund on a new jet, so they sent me a strongly worded letter advising me not to do it again, which, of course, I won't.

Posted by: spd rdr at September 27, 2013 01:19 PM

Sorry - careless title.

Either way, I'm sure the IRS will hold itself to the rigorous standards it uses to evaluate your record keeping :p

Posted by: Cass at September 27, 2013 03:55 PM

And yet, outta the blue, the Fed has managed to *find* $100 million for Detroit.
But we're to be assured that it's not a bailout.

Posted by: DL Sly at September 27, 2013 05:06 PM

For $100 million they could buy Detroit and turn in back into a nature preserve for wild dogs and retired union bosses.

Posted by: spd rdr at September 27, 2013 06:23 PM

We'd get a better return on investment by simply burning the $100 mil; at least it wouldn't encourage more bad behavior.
Moral Hazard

Posted by: CAPT Mike at September 27, 2013 09:52 PM

"For $100 million they could buy Detroit and turn in back into a nature preserve for wild dogs and retired union bosses."

I'm thinking the $100 mill must be to differentiate between the wild dogs and retired union bosses. Shovel-ready jobs coming up! Afterall, somebody's gotta clean up the shit.

Posted by: DL Sly at September 28, 2013 12:40 PM