Senate Rejects 1099 Ammendment

[Yagents]

If they can't agree on how to fix this one, we're in trouble.
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WASHINGTON – The Senate on Monday rejected an effort to reduce tax-related paperwork for businesses when lawmakers couldn't agree on whether they would make up the revenue the new requirement was expected to produce.
The filing [FONT=arial, helvetica, clean, sans-serif][FONT=arial, helvetica, clean, sans-serif]requirement[/FONT][/FONT] is part of President Barack Obama's health care overhaul but not related to health care itself. It is expected to help the government collect an estimated $19 billion in taxes on underreported income over the next decade, and that revenue has been slated to help pay for changes in the health care system.
Under the new law, nearly 40 million U.S. businesses would start filing in 2012 for every vendor that sells them more than $600 in goods. Many Democrats who supported the filing requirement now acknowledge that it would create a paperwork nightmare, but whether to make up for the lost revenue has divided senators who agree it should be repealed.
Senators tried twice on Monday to amend an unrelated food safety bill to repeal the filing requirement. Both proposals, one by Sen. Max Baucus, D-Mont., and another by Sen. Mike Johanns, R-Neb., failed to get the necessary two-thirds majority.

 

[VolAgent]

This is the paper industry bailout. Get in on the ground floor!

 

[Josh]

Look, anything the government can do to hurt small business is a good venture in their eyes. We're already in trouble.

 

[Full Throttle]

This is the paper industry bailout. Get in on the ground floor!

And the postal service! Not that they are hurting for more revenue to cover their pension costs.

 

[jbage007]

This is actually a good thing for us, because it makes everyone hate Obamacare even more.

 

[Yagents]

Read this in an article, this is crazy stuff man....idiots

Flaws in healthcare law coming to light (Rep. Cliff Stearns) - The Hill's Congress Blog

Another problem with the Democrat healthcare plan is it will require all those with business-to-business transactions over $600 annually to file a 1099 IRS Form. This is a massive burden for small businesses and will force millions of them to track all their expenditures by vendors and require small businesses to obtain taxpayer information numbers from everyone they do business with.
So, has Congress tried to fix this problem? No. In fact, Democrats have taken it a step further. The recently passed Small Business Jobs Act (HR 5297) included a provision that would expand the 1099 reporting requirement even further to include expenditures on rental property. This means that if you spend more than $600 over the course of a year with a handyman for repairs or improvements, you'll need to file a 1099 Form.
Imagine: if you work as a general contractor and regularly buy building material from a hardware store, you'll need to issue the store a 1099 Form. If you are a trucker and regularly buy gasoline from the same gas station, you'll need to issue that gas station a 1099 Form.

 

[TheCrookedE]

Super Genius needs to Change his name to Super ***! Do you run this forum too? Its about time this industry gets some honest people and quit destroying the little ones. AHCP I hear promises everything and than slashes the commissions after they stick you. After everything I have read on these forums, I am glad I haven't contracted with them.


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WASHINGTON – The Senate on Monday rejected an effort to reduce tax-related paperwork for businesses when lawmakers couldn't agree on whether they would make up the revenue the new requirement was expected to produce.
care itself. It is expected to help the government collect an estimated $19 billion in taxes on underreported income over the next decade, and that revenue has been slated to help pay for changes in the health care system.
Under the new law, nearly 40 million U.S. businesses would start filing in 2012 for every vendor that sells them more than $600 in goods. Many Democrats who supported the filing requirement now acknowledge that it would create a paperwork nightmare, but whether to make up for the lost revenue has divided senators who agree it should be repealed.
Senators tried twice on Monday to amend an unrelated food safety bill to repeal the filing requirement. Both proposals, one by Sen. Max Baucus, D-Mont., and another by Sen. Mike Johanns, R-Neb., failed to get the necessary two-thirds majority.[/quote]

 

[ABC]

The 1099 BS is key to funding health care reform.

It was rejected because the Democrats can't find any other way to steal money to fund obamacare.

The Democrats think that this will generate huge tax revenues from EBAY.

 

[Yagents]

I think they should add the "agent loss mitigation" ammendment to the tax cut deal. Where are those industry lobbyists we pay for through our dues?

Politico: 1099 Repeal Foiled Again
Another day, another failed attempt at 1099 repeal. Republicans rebuffed a Democratic effort to repeal health reform's universally-panned 1099 IRS reporting requirements as a piggyback in the tax cut deal, congressional aides on both sides of the aisle confirm to Politico (Kliff and Haberkorn, 12/13).

 

[stuy119]

Idiots. All of them.

Idiots.