A press release from Congressman Don Manzullo:
Rep. Manzullo Votes to Repeal Job-Killing IRS Reporting Provision in New Health Care Law
Small businesses face nightmare paperwork burden with new 1099 filing mandate
[WASHINGTON] Congressman Don Manzullo (R-Egan) voted today to repeal a burdensome reporting provision in the new health care law that would require businesses, local governments and non-profit agencies to file an IRS 1099 form each time they spend more than $600 on goods or services starting in 2012.
Congressman Don Manzullo met with NFIB members in the basement meeting room of the American Community Bank in Crystal Lake in 2008.
The House approved the Small Business Paperwork Mandate Elimination Act of 2011 (H.R. 4) by a vote of 314-112.
A similar 1099 repeal provision unanimously passed the Senate on February 2 as an amendment to the FAA Air Transportation Modernization and Safety Improvement Act (S. 223).
The bills now await reconciliation between both the House and the Senate before they can be sent to the President for his signature.
Manzullo, former Chairman of the House Small Business Committee, said the new mandate would be a reporting nightmare for America’s small employers who would have to focus their attention on complying with the new tax laws instead of expanding their businesses and creating jobs.
Furthermore, the new mandate would prompt more companies to do business with larger subcontractors instead of several smaller subcontractors so they don’t have to file as many 1099 forms.
Historically, small businesses have created about 75 percent of all the net new jobs each year.
In addition, the bill approved today repeals a separate law enacted last year that extended the burdensome 1099 reporting provision to anyone who receives rental income.
This specific 1099 mandate on rental property owners is currently in effect.
Thus, a landlord is required to file a 1099 form with the IRS every time he or she spends more than $600 on a good or service.
“At a time when we should be doing everything we can to help our small employers put Americans back to work, this burdensome reporting requirement does just the opposite. It forces our employers to spend their precious time and resources on filling out tax paperwork instead of expanding their businesses and creating jobs.
“This was just another one of the onerous mandates in the new health care law that makes no sense and must be repealed before further damage is done to our economy.”
What a crock of horse manure…that bill just added 21.9 billion dollars to the deficit….way to go….and Cal don’t be so proud to announce this foolish move. Where the %^& are the Tea Party people??????? All in the name of trying to repeal something that is good for Americans, they got bamboozled!
H.R. 4 would repeal certain scheduled expansions in information reporting requirements. The staff of the Joint Committee on Taxation (JCT) estimates that enacting the legislation would increase federal budget deficits by $21.9 billion over the 2011-2021 period, reflecting reductions in revenues.
The legislation would repeal an expansion currently scheduled to take effect in 2012 of information that businesses must report to the recipients of certain payments, as well as to the Internal Revenue Service, on form 1099. Beginning in 2012, certain payments not previously subject to 1099 reporting requirements, including those made to corporations and those made for property, will become subject to the reporting requirements. The repeal of this expansion would reduce revenues by an estimated $21.9 billion over the 2011-2021 period, as shown in the following table. Because enacting H.R.4 would affect revenues, pay-as-you-go procedures apply. (All effects are on-budget.)
LC Truth: Only in Democrats’ wild exaggerations will eliminating costly government regulation cost $21.9 billion.
This part of Obamacare is so ridiculous even some Democrats wish they hadn’t voted for it.
How much would dampening the entrepreneurial spirit of the average American cost the country in lost revenue?
How much would killing businesses, already barely hanging on, cost the country in lost revenue?
How much lost revenue would there be if this awful economy persists for several more years?
Who cares what a government agency predicts about lost revenue from a spectacularly stupid law?
Where the rubber meets the road the government is so far out of line with pragmatic reality at this point our children may never see wealth like we saw in the past 30 years in their lifetimes.
Do you want to know where the Tea Party folks are?
Protecting their home and hearth from those who would take their families, property and lives just to serve the neverending black hole of a government out of control.
I want a military to protect my nation, quality police and firemen, good teachers, clean water and streets, fair trade, rights to protect myself and a constitution that backs it all up.
Do this for the lowest taxes possible and stay out of my personal life and business.
We all pay enough and government needs to take to task the important needs and lighten their load on commitees and departments in whole.
Too many chiefs and not enough indians.
Talk used to be cheap and now it cost BILLIONS.
LCTruth ignores the fact that the JCT and the Congressional Budget Office says this bill REDUCES the federal budget deficit by $166 million because the bill also contains an offset provision to require the return of any overpayments of any health care tax credits if a person is no longer eligible.