Saturday, September 25, 2021
HomeRecommendedCongress Repeals Onerous 1099 Requirement: Now THAT's Hope and Change

Congress Repeals Onerous 1099 Requirement: Now THAT’s Hope and Change

Former House Speaker Nancy Pelosi famously observed that the infamous health care bill had to be passed in 2010 before we could see what was in it.  Well, it passed, the people saw, and they threw the bums out in a big way last November.

Congress has passed a bill that will eliminate the onerous 1099 tax reporting requirement embedded in the Obamacare legislation.  It would have extended existing 1099 filing requirements to the purchase of  more than $600 worth of goods.  Previously the regulations only applied to the payment of services, such as contractor fees.

Small businesses, already reeling from the recession and caught up in a deepening flood of government mandates, reacted in dismay.  The Republicans made repeal of the requirement a top priority since taking control of the House this January.  And even President Obama and the usual collection of Senate Democrats and RINOs have seen the light.

It is easy to get cynical about politics, to feel that nothing can be done and that there’s not a dime’s worth of difference between the two parties, in George Wallace’s memorable slogan.  But really, does anyone think this repeal would have occurred under Speaker Nancy Pelosi?

streetwisehttp://www.unifiedpatriots.com
Career financial professional with 30+ years in treasury management. American Airlines retiree. Lifelong Republican with center-right views. Host of Italian Tomatoes radio show on Blog Talk Radio. Managing Editor- www.jetamore.com, a travel and aviation blog.

2 COMMENTS

Leave a Reply

2 COMMENTS

  1. streetwise, I read about this as pending legislation earlier this week. So it passed? Glad to hear it.

    There’s another part of that bill that requires citizens to repay any overpayments they may receive for health insurance vouchers that are to be used to purchase insurance through the Health Insurance Exchange. The article that I read earlier conveyed that Dems, including Obama, were concerned that requiring people to repay these funds could cause citizens to be reticent about purchasing health insurance through the exchange.

    What it does is to put an obstacle in the way that prevents people from deliberately misusing the system.

    I’d rather Obamacare be repealed outright, but if Repubs are going to go after bits and pieces of this monstrosity, putting some regulatory factors into the legislation that prevent it from being misused or abused is a fairly wise choice to make.

    • Yes, it passed both houses and Obama is expected to sign it soon.

      The 1099 thing was a shakedown in an effort to find “revenues” (assumed increase in tax collection from intrusive reporting requirements) to make the absurd case that Obamacare was a money saver. It was particularly nasty, so deserved expedited treatment.

      I’m with you on outright repeal, but death by a thousand cuts has its charms, too. 🙂

  1. streetwise, I read about this as pending legislation earlier this week. So it passed? Glad to hear it.

    There’s another part of that bill that requires citizens to repay any overpayments they may receive for health insurance vouchers that are to be used to purchase insurance through the Health Insurance Exchange. The article that I read earlier conveyed that Dems, including Obama, were concerned that requiring people to repay these funds could cause citizens to be reticent about purchasing health insurance through the exchange.

    What it does is to put an obstacle in the way that prevents people from deliberately misusing the system.

    I’d rather Obamacare be repealed outright, but if Repubs are going to go after bits and pieces of this monstrosity, putting some regulatory factors into the legislation that prevent it from being misused or abused is a fairly wise choice to make.

    • Yes, it passed both houses and Obama is expected to sign it soon.

      The 1099 thing was a shakedown in an effort to find “revenues” (assumed increase in tax collection from intrusive reporting requirements) to make the absurd case that Obamacare was a money saver. It was particularly nasty, so deserved expedited treatment.

      I’m with you on outright repeal, but death by a thousand cuts has its charms, too. 🙂

Must Read