Posted on 09/14/2010 5:16:40 AM PDT by agee
You might not have seen it reported, but the Senate will vote this morning on whether to repeal part of ObamaCare that it passed only months ago. The White House is opposed, but this fight is likely to be the first of many as Americans discover—as Nancy Pelosi once famously predicted—what's in the bill.
The Senate will vote on amendments to the White House small business bill that would rescind an ObamaCare mandate that companies track and submit to the IRS all business-to-business transactions over $600 annually. Democrats tucked the 1099 reporting footnote into the bill to raise an estimated $17.1 billion, part of the effort to claim that ObamaCare reduces the deficit by $100 billion or so.
But this "tax gap" of unreported business income is largely a Beltway myth. . . .
(Excerpt) Read more at online.wsj.com ...
Why don’t we just send all our receipts to the IRS when we file our taxes....cuz that’s all this is....and it accomplishes nothing.
16,000 new IRS agents. Ain’t it Grand. They gotta go.
scary - the govt trying to cost shift their nosiness to the business community...they are trying to kill the golden goose
After the Democrats fought tooth and nail to pass a bill that was wildly unpopular and that hadn’t been read, the chickens are coming home to roost. The 1099 requirement is crippling for small businesses. What is scary is that Pelosi rigs a vote so that members of her caucus could vote against the provision without actually repealing it. This is the same speaker of the house that “deemed” a budget instead of actually doing the hard work of providing one.
The speakers actions takes a special kind of hubris.
Perhaps I am being cynical, but the government would only hire more people to deal with the problem.
That 3.8% tax also applies to the sale of a home.
Plus, swirling around congress is an idea of a new 1% tax on all financial transactions like depositing a check or using your ATM.
I sent a letter to my rep Carol Shea-Porter, and that was the exact response. I've since sent a letter to the local newspaper. If more people find out about this DISASTER fewer democrats will be elected. And this is a MAJOR disaster for small business.
That 3.8% excise tax will also apply to distributions from S Corporations to business owners. This is, effectively, a direct tax targeting small business owners.
*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens.
Read more: http://www.atr.org/obamacare-taxes-final-tab-a4744##ixzz0zVVmuTod
They hate businesses that they can’t control. Their goal is to have all businesses run by the government. Since they can’t do that just yet, they want their nose in everything a business does, plus a cut of the sales.
The 1099 requirement started cutting into my business from the moment I started. It can’t be repealed fast enough.
I intend to file as many 1099s as I can. I might not be right but I don’t want to be wrong by not filing them.
“Most Democrats now claim they were blindsided and didn’t understand the implications of the 1099 provision—which is typical of the slapdash, destructive way the bill was written and passed. As the critics claimed, most Members had no idea what they were voting on. Some 239 House Democrats voted to dump the 1099 provision in August, and the repeal would have passed except Speaker Pelosi rigged the vote procedurally so it needed a two-thirds majority. She thus gave Democrats the cover of a repeal vote without actually repealing it.”
Nancy Pelosi: the gift that keeps on giving. Small business opposition steam-rollered Hillarycare in 1994. Perhaps it will lead the charge to repeal ObamaCare. Having every business owner in America really steamed at Pelosi and the rest of Dems in Congress wouldn’t be a bad thing on November 2.
0b0z0 can put all those 1099s where the sun don’t shine!
PING!
I heard this just today. It would force people to go to cash transactions. You could cash a $300 check for a $3 fee. Then go pay your bills and buy groceries with cash. If you pay your bills and buy groceries with that same $300 you deposited, you'd pay an ATM or check fee for each additional transaction.
The only way out of this for the feds is to do away with cash so that all transactions are electronic and subject to fees. This has been talked about for years on FR.
Here's a novel idea ... why doesn't Congress consider reducing their spending?! Then they wouldn't have to think up new ways to steal OUR money and freedom.
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