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The 1099 Insurrection
Wall Street Journal ^

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 ...


TOPICS: Government; Politics
KEYWORDS: obamacare; taxes

1 posted on 09/14/2010 5:16:42 AM PDT by agee
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To: agee

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.


2 posted on 09/14/2010 5:22:40 AM PDT by Sacajaweau (What)
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To: agee

16,000 new IRS agents. Ain’t it Grand. They gotta go.


3 posted on 09/14/2010 5:23:58 AM PDT by screaminsunshine (counter revolutionary)
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To: Sacajaweau

scary - the govt trying to cost shift their nosiness to the business community...they are trying to kill the golden goose


4 posted on 09/14/2010 5:24:51 AM PDT by major-pelham
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To: Sacajaweau
Good idea. We could reverse Cloward Piven the IRS. Overload them with BS until they collapse. Send in every receipt for everything.
5 posted on 09/14/2010 5:25:59 AM PDT by screaminsunshine (counter revolutionary)
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To: agee

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.


6 posted on 09/14/2010 5:26:52 AM PDT by agee
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To: screaminsunshine
We could reverse Cloward Piven the IRS. Overload them with BS until they collapse. Send in every receipt for everything.

Perhaps I am being cynical, but the government would only hire more people to deal with the problem.

7 posted on 09/14/2010 5:29:57 AM PDT by SuperSonic (Never Forget September 11th.)
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To: agee
How about repealing that 3.8% excise tax on “unearned”income that is also in the bowls of Obamacare. In an already depressed housing market having to pay 3.8% of the full SALE PRICE of your home even if you have little or no equity is a killer. As “unearned” income could also mean inheritance this is also a new death tax.
8 posted on 09/14/2010 5:33:57 AM PDT by The Great RJ (The Bill of Rights: Another bill members of Congress haven't read.)
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To: The Great RJ

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.


9 posted on 09/14/2010 5:36:24 AM PDT by Texas resident (Outlaw fisherman)
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To: agee
What is scary is that Pelosi rigs a vote so that members of her caucus could vote against the provision without actually repealing it.

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.

10 posted on 09/14/2010 5:39:37 AM PDT by ALPAPilot
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To: The Great RJ

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


11 posted on 09/14/2010 5:52:09 AM PDT by Liberty Ship ("Lord, make me fast and accurate.")
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To: agee

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.


12 posted on 09/14/2010 5:59:11 AM PDT by Leftism is Mentally Deranged (Annoying liberals is my goal. I will not be silenced.)
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To: Texas resident
If that ever passed I would go to cash only at my business and forget the bank all together, because I don't even earn 1% on my business checking account.
13 posted on 09/14/2010 6:08:18 AM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: agee
Soylent Green by cartoonistx

WE THE PEOPLE BY RAY STEVENS

14 posted on 09/14/2010 6:09:40 AM PDT by GailA (obamacare paid for by cuts & taxes on most vulnerable Veterans, retired Military, disabled & Seniors)
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To: agee

The 1099 requirement started cutting into my business from the moment I started. It can’t be repealed fast enough.


15 posted on 09/14/2010 6:24:13 AM PDT by Ellendra (I'll believe it's a crisis when the people who say it's a crisis, ACT like it's a crisis!)
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To: agee

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.


16 posted on 09/14/2010 8:59:28 AM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
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To: agee

“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.


17 posted on 09/14/2010 9:50:08 AM PDT by DrC
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To: agee; 3D-JOY; abner; Abundy; AGreatPer; Albion Wilde; AliVeritas; alisasny; ALlRightAllTheTime; ...

0b0z0 can put all those 1099s where the sun don’t shine!

PING!


18 posted on 09/14/2010 8:50:37 PM PDT by Tolerance Sucks Rocks (Muslims are not the problem, the rest of the world is! /s)
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To: Texas resident
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 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.

19 posted on 09/14/2010 9:52:15 PM PDT by PistolPaknMama
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To: Texas resident
swirling around congress is an idea of a new 1% tax on all financial transactions

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.

20 posted on 09/15/2010 11:30:45 AM PDT by ELS (Vivat Benedictus XVI!)
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