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Senate Democrats float health tax repeal
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Nov 12, 2010 04:59pm |
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| Category | General |
| Author | JENNIFER HABERKORN |
| News Date | Friday, November 12, 2010 10:00:00 PM UTC0:0 |
| Description | Senate Democrats said Friday that they’re prepared to repeal a new tax reporting requirement in the health care reform law that has riled up small businesses over concern that the law is too burdensome.
The so-called 1099 provision would require businesses to file paperwork for all cumulative purchases from a vendor that top $600 in a year. It would have raised about $17 billion to help cover reform.
Senate Finance Committee Chairman Max Baucus said Friday that he’s responding to small businesses that have almost universally panned the proposal, which he once said was designed to recoup uncollected taxes.
The senator said he would introduce legislation to repeal the requirement. His office did not release the text or how he would pay for it. “Small businesses are the backbone of our economy in my home state of Montana and across the country, and they need to focus their efforts on creating good-paying jobs — not filing paperwork,” he said. |
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