Senate Defeats Measure to Remove Small Business Tax ReportingPosted by Al @ 12:21 pm
Today, the U.S. Senate defeated a bill introduced by Republicans to remove the onerous and unrelated provision written into the Obamacare Bill, requiring small business to report to the IRS all purchases from one supplier in a fiscal year totaling more than $600.00. The measure was defeated by a 52-46 margin. As reported by The Hill:
The Senate on Tuesday defeated an effort to strip a controversial tax-reporting provision from the sweeping healthcare law Congress passed earlier this year.
Lawmakers voted 46 to 52 to block an amendment sponsored by Sen. Mike Johanns (R-Neb.) that would have saved businesses and nonprofit groups from having to report an array of small and medium-sized purchases to the Internal Revenue Service…
…The provision, which is estimated to raise $17 billion over 10 years to pay for a new prevention and public healthcare fund, requires businesses and other groups to file 1099 tax forms to report purchases from a single supplier that total more than $600 in a year.
Senators also blocked an alternative to Johann’s amendment sponsored by Sen. Bill Nelson (D-Fla.). Nelson’s proposal would have increased the reporting threshold to $5,000 and eliminated the requirement for businesses with fewer than 25 employees.
Both (D) and (R) merely give lip service to small business with no true support. Yet all of these Congressional assclowns (with a very few exceptions) will kiss large corporate ass for campaign contributions and make laws to incentivize Corporate America sending jobs out of America.