Vote to Repeal Health Law Provision

[alp227]

Source: Associated Press

WASHINGTON (AP) — Congress sent the White House its first rollback of last year's health care law Tuesday, a bipartisan repeal of a burdensome tax reporting requirement that's widely unpopular with businesses. Even President Barack Obama is eager to see it gone.

The Senate voted 87 to 12 to repeal the filing requirement, which would have forced millions of businesses to file tax forms for every vendor selling them more than $600 in goods each year, starting in 2012. The filing requirement is unrelated to health care. However, it would have been used to pay for part of the new health law.

Republicans hope it is the first of many such bills, resulting in the entire health care law being scrapped. Democrats say the bill is part of an inevitable tinkering that will be needed to improve the health measure.

Read more: http://www.nytimes.com/aponline/2011/04/05/business/AP-US-Health-Care-Taxes.html

[HankyDubs]

1. "burdensome"

"unpopular with businesses"

Oh well if you use those words then it must be bad.

[julian09]

2. it would make the health care reform act more palitable

do you think that Boehner will bring it up in the house and make it better for Obama?

[kirby]

3. Net effect? Less taxes collected...

Repukes will use it in the future to show how the bill was not revenue neutral.

[Owl]

4. Yes. And more tax evasion.

[jmowreader]

5. How did this requirement become burdensome only after it was included in HCR?

I did a search for the instructions for IRS Form 1099-MISC. The requirement to file this form for any vendor you buy more than $600 from in a year dates back at least to 2000.

[PSPS]

7. Because it used to be required only for payments to non-incorporated businesses.

The new provision would have required that 1099's be sent to every vendor to whom you paid over $600 during the year: phone companies and other utilities, suppliers, etc. I can understand the motivation behind doing this -- some of this income isn't being reported to the IRS. I can also understand the resistance to it -- businesses would have to send out 1099's to each and every business they spend $600 or more with during the year instead of only non-incorporated businesses.

[ProgressiveProfessor]

6. The 1099 requirement was bogus and would hurt small business most

It was a regressive requirement

[No Elephants]

8. Bi-partisan.

[Sky Masterson]

9. Thank god!

As a small business owner, that would have been the biggest pain in the ass.