Republicans fight to end 1099 provision in HC bill

[chanel]

Support is strong in the Senate for repealing a tax on businesses buried deep in the health care law, but President Obama is angling against it, Sen. Mike Johanns, R-Neb., a lead critic of the tax, said Sunday.

Johanns told Fox News that compliance with the new law, which demands that companies that make purchases worth more than $600 must file a 1099 reporting form to the vendor and the Internal Revenue Service, will cost billions of dollars and is not worth the price for exposing tax cheats

Johann's Democratic colleague, Florida Sen. Bill Nelson, has offered an alternative to Johann's amendment that would increase the reporting requirement for purchases worth more than $5,000 a year, and would apply only to companies with more than 26 employees.

The Republican senator said that's not good enough.
.

FOXNews.com - Nebraska Senator Aims to Repeal Tax-Reporting Mandate in Health Care Law

Common sense at last.

 

[The Rabbi]

This is one of the most destructive provisions in this bill. The paperwork for this would be a nightmare. Even a small business like mine probably has 7-8 vendors that would fall into that category. Since paperwork is already overwhelming, this makes it worse.

Of course for liberals, wealth is just "out there somewhere" so they can't understand why companies wouldn't hire an extra compliance person. After all, it's for the children.

 

[chanel]

And more importantly, the IRS can hire 15,000 more agents to check that companies have paid their electric bill. It wouldn't occur to them that the electric would be cut off if they didn't.

 

[antagon]

depending on the type of business you have, this could be a real nightmare. retailers sourcing from a bunch of vendors will have it rough. my guess is that this will be automated for business people operating in the 21st century, though. that is, those of us who at least use quickbooks or something.

the part i'm really concerned about are my deductions. to report all of that smoothly, i will probably have to get charge cards for guys who i don't want to get charge cards for... entering into the 21st century myself.

this squeezes small business filings while the bigger firm's loopholes still flap in the wind.

 

[Madeline]

Quantum Windbag told me about this first...and I argued vehemently with him that it could not be true. Made no sense, accomplished too little, burdened small business far too much, etc. I had to eat crow when he showed me I was wrong, but truely, my sense of astonishment ain't hard to appreciate, is it?

 

[CrusaderFrank]

This is why Progressives must never ever be allowed to hold a position in government ever again.

 

[Intense]

Support is strong in the Senate for repealing a tax on businesses buried deep in the health care law, but President Obama is angling against it, Sen. Mike Johanns, R-Neb., a lead critic of the tax, said Sunday.

Johanns told Fox News that compliance with the new law, which demands that companies that make purchases worth more than $600 must file a 1099 reporting form to the vendor and the Internal Revenue Service, will cost billions of dollars and is not worth the price for exposing tax cheats

Johann's Democratic colleague, Florida Sen. Bill Nelson, has offered an alternative to Johann's amendment that would increase the reporting requirement for purchases worth more than $5,000 a year, and would apply only to companies with more than 26 employees.

The Republican senator said that's not good enough.
.

FOXNews.com - Nebraska Senator Aims to Repeal Tax-Reporting Mandate in Health Care Law

Common sense at last.

This aspect of the Bill is total Bullshit. Another example of Asshole's flexing their muscles, placing further burden's on small businesses, that really serves no new purpose other than to expand bureaucracy and driving up the cost of services. This is redundant.

 

[CrusaderFrank]

Whaddyaknow, we really did have to read the bill to find out what's in it

 

[CrusaderFrank]

Support is strong in the Senate for repealing a tax on businesses buried deep in the health care law, but President Obama is angling against it, Sen. Mike Johanns, R-Neb., a lead critic of the tax, said Sunday.

Johanns told Fox News that compliance with the new law, which demands that companies that make purchases worth more than $600 must file a 1099 reporting form to the vendor and the Internal Revenue Service, will cost billions of dollars and is not worth the price for exposing tax cheats

Johann's Democratic colleague, Florida Sen. Bill Nelson, has offered an alternative to Johann's amendment that would increase the reporting requirement for purchases worth more than $5,000 a year, and would apply only to companies with more than 26 employees.

The Republican senator said that's not good enough.
.

FOXNews.com - Nebraska Senator Aims to Repeal Tax-Reporting Mandate in Health Care Law

Common sense at last.

Ben Nelson should drop dead

 

[chanel]

"We have to pass it so you know what's in it".

Check out this NY Times article.

http://www.nytimes.com/2010/09/12/health/policy/12health.html?_r=1&th&emc=th

...drew little attention at the time — it was one of more than 15 revenue-raising measures in the bill — and many lawmakers were apparently unaware of it when they voted for final passage of the legislation.

Madeline shouldn't feel bad. Nobody knew. Except a few of us on USMB.

 

[Annie]

and the Dems are making their own bandwagon to drop at least parts of ObamaCare:

Hot Air WH to Congress: Let’s repeal a part of ObamaCare, mm-kay?

WH to Congress: Let’s repeal a part of ObamaCare, mm-kay?
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POSTED AT 1:36 PM ON SEPTEMBER 14, 2010 BY ED MORRISSEY
REGULAR VIEW

The momentum to repeal ObamaCare picked up a little momentum in an unlikely place: the White House. After facing a deluge of criticism for new tax records mandates that threaten to drown both the IRS and small businesses, Congress finally scheduled an attempt to remove that portion of the new law. Yesterday, the Obama administration quietly asked Democrats to expedite the process and eliminate the 1099 requirements:

Facing a backlash from small businesses over a new tax-reporting requirement in the healthcare law the president signed in March, the Obama administration is embracing the first change to the landmark legislation.

In a letter to Senate leaders, Health and Human Services Secretary Kathleen Sebelius and Treasury Secretary Timothy F. Geithner urged the Senate to back a proposal to scale back the new reporting mandate.

The law requires businesses to report to the Internal Revenue Service transactions worth more than $600, a provision that was added to the law to raise an estimated $17 billion over a decade and offset the cost of expanding coverage to millions of uninsured Americans.

The small item garnered little attention when it was inserted into the gargantuan legislation.​

Well, why did it garner “little attention”? The media may have missed it, but we’ve been talking about this for at least eleven months. Cato reminded everyone about it in April, and yet it has taken five months for the White House to conclude that it will create huge costs and administrative burdens for business and the IRS alike.

...

 

[chanel]

"15 revenue raising measures" Washington double speak for 15 new taxes.

 

[Mr. Shaman]

This is why Progressives must never ever be allowed to hold a position in government ever again.

Awwwwwwwwwwwwww......couldn't get your 60??????

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