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Senate Fails To Repeal HCR’s ‘1099 Rule’

Somehow this story from Monday has gotten very little attention from our news media. From CNN’s Money.Com:

Senate fails to repeal hated IRS rule

By Charles Riley, staff reporter
November 30, 2010

NEW YORK (CNNMoney.com) — The Senate failed Monday night to pass two measures that would have repealed a law that businesses big and small say will cost jobs.

Starting in 2012, businesses will be required to issue 1099 tax forms not only to contracted workers (as they already do) but also to any individual or corporation from which they buy more than $600 in goods or services in a year.

The provision was adopted in March as part of the massive health care reform law.

Introduced by Democratic Sen. Max Baucus, the Finance Committee chairman, and Republican Sen. Mike Johanns of Nebraska, the amendments represent the second effort in the Senate to repeal the measure. Similar amendments were shot down in September.

The 1099 reporting requirement is expected to raise about $17 billion over 10 years by increasing tax compliance, but small business owners have argued the measure would increase paperwork, and drive up costs

Congress doesn’t care if this costs jobs. They just want more of our money, and they will do anything to get it.

While there are no immediate plans to reintroduce legislation to repeal the measure, Johanns remains committed to finding a resolution, an aide to Johanns told CNNMoney…

Earlier this month, one day after after suffering a "shellacking" in the congressional election, Obama announced that he would support repealing the measure in the spirit of helping the business community.

This is yet another perfect example of an issue with overwhelming bi-partisan support that has gone no where.

As the article notes, this amendment was introduced by the Democrat chairman of the Senate’s Finance Committee. And Mr. Obama himself has said this should be fixed.

And look at what happened. But you won’t hear this called ‘gridlock.’ There will be no calls for compromise from the media.

This article was posted by Steve on Wednesday, December 1st, 2010. Comments are currently closed.

3 Responses to “Senate Fails To Repeal HCR’s ‘1099 Rule’”

  1. oldpuppydixie says:

    TRANSLATION: NO politician will vote against a law designed to create more tax revenue.

  2. proreason says:

    Now businesses get the pat-down.

    Just another way to exert control.

    In the Middle Ages they did it with men with spears on horseback.

  3. Liberals Demise says:

    This really makes for a rosy New Year. Where we can once again be told over and over and over that unemployment rates are steadily dropping.
    Hyper inflation is rounding the corner, my busy little bees.


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