Pass-It-First/Read-It-Later Legislation
The lucky connivers who are supposed to be representing us seem on the verge of taking back a little of Obamacare. John Brandt writes on FoxNews that there seems to be enough support in the Senate for a bill to pass:
The bill, introduced by Sen. Mike Johanns, R-Neb., would strike a provision in the law requiring businesses to file a 1099 tax form with the IRS for every vendor with which they have over $600 in transactions.Critics on both sides of the aisle say that the rule places an onerous burden on small business.
Remember: the people in the House and Senate, for the most part, aren't there representing your interests, but theirs. Vote with caution.
via @VPostrel
My last company -- our accounting department would agonize over whether we had to do 1099's.
Quite frankly the whole tax system needs to be rebuilt from scratch as a flat tax.
If the government runs out of money for any reason short of declared war or major national disaster -- kiss my butt!!!!!
But that is my humble opinion.
Jim P. at January 29, 2011 12:11 AM
Heres how taxes should work.
A flat 10% cut of net profits for the year for individuals; income, capital gains from investments, not from property sales as the money was taxed before the property was purchased
A flat 5% tax on property assesed at more than $50,000, whether owned by individuals or businesses
No sales tax, no corperate tax, no deductions for charitable donnations.
Of the 10% tax - 3% to the fed, 4% to the state, 2% to your city, 1% to your county, if you live in an unincorperated county island then 3% goes to the county.
lujlp at January 29, 2011 10:33 AM
The 1099 provision got slapped into the bill because the Democrats were looking for anything they could find that generated revenue without raising taxes; removing it doesn't change much fundamental, but it certainly removes one of the most hated provisions of the bill (after the mandate). It's a smart move for supporters of the bill to allow the 1099 provision to be repealed; it doesn't make much of difference revenue-wise, and makes lots of independent contractors and small business owners happy.
Christopher at January 29, 2011 10:55 AM
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