Posted on 01/27/2011 7:02:43 AM PST by freedombiz
Members of the U.S. Senate and House of Representatives seem to be jockeying for position to carry the bill that actually repeals the mandate for businesses and individuals to report every supplier paid more than $600 a year.
The so-called Form 1099 mandate was part of the health reform law Congress passed last year. Supporters said the reporting requirement is key to financing health reform by collecting an estimated $17 billion in unpaid federal taxes.
(Excerpt) Read more at jan.ocregister.com ...
It would require an entire forest the size of WA state to produce all that paper every year............
The primary purpose for the extended 1099 requirement was to create a fictional budget entry for how much extra tax money it would bring in so Congress could spend it. If the 1099 requirement is removed, will they have to remove that much spending from the budget to balance it? Or will they just have the CBO say “Taxes? No, the 1099 requirement won’t bring in any tax money at all so there’s no need to cut. In fact handling all those 1099s probably would cost money, so by dumping the requirement we have another billion to spend somewhere.”
Never mind that it would cost taxpayers 10-times that to do the paperwork.
This was the most disgusting and disgraceful portion of the SOTU address.
In 2010 Congress passed a 3,000 page Obamacare health care monstrosity that no member of Congress had read, let alone understood – against the overwhelming wishes of the American people. Then these bastards on Tuesday night gave themselves a standing ovation for a proposal to repeal the onerous 1099 provision that should never have been legislated in the first place.
This farce is analogous to a bank robber giving back the money he stole a year later, skirting law enforcement, and then issuing a self-serving press release to pat himself on the back.
The temerity of the liberals knows no bounds.
If I report my $1000 purchase of my business supplies at Staples via a 1099, that is going to result in more Federal taxes how?? It’s an absurdity.
I just hope the GOP doesn’t settle for this and declare victory.
I’d like to see the amount changed. $5 seems about right. Its good to keep the odious ‘bamcare intact in all its glorious hideousness. Repeal the whole thing. Don’t remove any warts... its a waste of time, and perhaps counterproductive in the long run.
If they want to cut something out, take out the individual mandate. Without that, it all falls apart.
Wonder how many totally insane provisions are in that 2700 page monstrosity passed by the Dems without reading it. Guess Pelousy was wrong when she said everyone would love ObamaCare after they passed it and read the bill, in that order.
It will result in more taxes because businesses pay small companies and write it off. The small businesses or individuals may or may not report the income.
Its all part of their effort to know where every single dollar for every single person is spent.
The Moonbats supporting this don’t trust you when you say you buy your supplies at Staples. They think your buying them from Vinny the Staple Guy who’s got hot stuff in his truck.
Imagine the number of 1099’s that would be collected by businesses like Sam’s Club, Costco, Staples, Office Depot and even Wal Mart. The cost of processing all that paper would just be passed on to us as higher prices for everything we buy.
You don't have to report anything you paid to Staples. Staples is a coorporation.
ML/NJ
- Require collection of unpaid taxes by federal employees. $1 billion total savings.
This 1099 nonsense will be the END of countless small businesses. For instance, I currently made (needed parts) purchases from 6 varied suppliers, four of them little tiny businesses. If FORCED to go through the 1099 process, I have already informed my SMALL suppliers, who don’t have everything I need, but I still go to, that I will be FORCED to concentrate on the TWO very large companies that have everything I need.
End result, since I, a ONE PERSON business, will have to avoid onerous time wasting paper work, four equally small businesses will be cut from the loop of many others. Goodbye.
Maybe they want you to 1099 the cashier.
I don’t see it as a major time waster. I use quickbooks and it will do the 1099s fairly easily. of course if you don’t use QB and do the accounting manually it would be a royal pain.
Its about control and knowing where you get your money and where you spend it.
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