1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

obamacare polling

Discussion in 'Members' Lounge' started by Briansol, May 24, 2010.

  1. Briansol

    Briansol Admins Admin VIP

    Messages:
    21,455
    Likes Received:
    2,117
    Joined:
    Nov 18, 2007
    Location:
    CT
  2. 95b16coupe

    95b16coupe New Member

    Messages:
    6,538
    Likes Received:
    224
    Joined:
    Nov 6, 2008
    Location:
    ct
    just like the election, it takes several months to realize when they fucked up.
     
  3. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

    Messages:
    5,751
    Likes Received:
    37
    Joined:
    Aug 15, 2003
  4. Briansol

    Briansol Admins Admin VIP

    Messages:
    21,455
    Likes Received:
    2,117
    Joined:
    Nov 18, 2007
    Location:
    CT
    Costly IRS Mandate Slipped into Health Bill
    Posted by Chris Edwards

    Most people know about the individual mandate in the new health care bill, but the bill contained another mandate that could be far more costly.

    A few wording changes to the tax code’s section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare.

    Under current law, businesses are required to issue 1099s in a limited set of situations, such as when paying outside consultants. The health care bill includes a vast expansion in this information reporting requirement in an attempt to raise revenue for an increasingly rapacious Congress.

    In a recent summary, tax information firm RIA notes the types of transactions covered by the new 1099 rules:

    The 2010 Health Care Act adds “amounts in consideration for property” (Code Sec. 6041(a) as amended by 2010 Health Care Act §9006(b)(1)) and “gross proceeds” (Code Sec. 6041(a) as amended by 2010 Health Care Act §9006(b)(2)) to the pre-2010 Health Care Act categories of payments for which an information return to IRS will be required if the $600 aggregate payment threshold is met in a tax year for any one payee. Thus, Congress says that for payments made after 2011, the term “payments” includes gross proceeds paid in consideration for property or services.

    Basically, businesses will have to issue 1099s whenever they do more than $600 of business with another entity in a year. For the $14 trillion U.S. economy, that’s a hell of a lot of 1099s. When a business buys a $1,000 used car, it will have to gather information on the seller and mail 1099s to the seller and the IRS. When a small shop owner pays her rent, she will have to send a 1099 to the landlord and IRS. Recipients of the vast flood of these forms will have to match them with existing accounting records. There will be huge numbers of errors and mismatches, which will probably generate many costly battles with the IRS.

    Tax CPA Chris Hesse of LeMaster Daniels tells me:

    Under the health legislation, the IRS could be receiving billions of more documents. Under current law, businesses send Forms 1099 for payments of rent, interest, dividends, and non-employee services when such payments are to entities other than corporations. Under the new law, businesses will be required to send a 1099 to other businesses for virtually all purchases. And for the first time, 1099s are to be sent to corporations. This is a huge new imposition on American business, costing the private economy much more than any additional tax that the IRS might collect as a result.

    There appears to have been little discussion before this damaging mandate was slipped into the health bill and rammed through Congress, but a few business groups did raise concerns. Here’s what the Air Conditioner Contractors of America said:

    The House bill would extend the Form 1099 filing requirement to ALL vendors (including corporate) to which they pay more than $600 annually for services or property. Consider all the payments a small business makes in the course of business, paying for things such as computers, software, office supplies, and fuel to services, including janitorial services, coffee services, and package delivery services.

    In order to file all these 1099s, you’ll need to collect the necessary information from all your service providers. In order to comply with the law, you would have to get a Taxpayer Information Number or TIN from the business. If the vendor does not supply you with a TIN, you are obligated to withhold on your payments.

    Private transactions are the core of a market economy, and the source of America’s growth and prosperity. Now the federal government is imposing a vast new web of red tape on perhaps billions of these growth-generating private exchanges.

    For what purpose? So the spendthrift Congress can shake a few extra bucks out of private industry? The business sector is the generator of America’s high living standards, but most federal legislators just see it as a kitty to be raided or a cow to be milked dry.

    I’m stunned that there wasn’t a broader debate before such a costly mandate was enacted. If it goes into effect, it will waste vast quantities of human effort in filling out forms, reworking computer systems, collecting and organizing data, and fighting the IRS. The struggling American economy can’t afford anymore suffocating tax regulations. This mandate is a giant deadweight loss. It should be repealed.

    Health care law's hidden tax change to launch 1099 avalanche - May. 5, 2010
     
  5. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

    Messages:
    5,751
    Likes Received:
    37
    Joined:
    Aug 15, 2003
    I read about this the other day - this is absolute tyranny. Also, as inflation increases, pretty soon most business purchases (even for very small, independent contractors) will be over $600. This is awful.
     
    Last edited: May 24, 2010
  6. invisibledemon

    invisibledemon Bored Moderator VIP

    Messages:
    7,402
    Likes Received:
    626
    Joined:
    Jan 15, 2007
    Location:
    Tn
    isnt it nice that they will sneak shit into new laws.
     
  7. Briansol

    Briansol Admins Admin VIP

    Messages:
    21,455
    Likes Received:
    2,117
    Joined:
    Nov 18, 2007
    Location:
    CT
    it's a nightmare.

    imagine a small it firm who buys shit from dell/hp/etc 3 times a week.

    You'll need a CPA JUST to keep track of those purchases on an on-going basis.

    so thats another 100k a year a small biz has to pay, which means, 2 it workers just got outsourced to indians.

    obamafial
     
  8. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

    Messages:
    5,751
    Likes Received:
    37
    Joined:
    Aug 15, 2003
    I do not see how this is enforceable.

    Maybe it will be selectively enforced against those the powers at the top dislike.


    Either way B is right - these laws are designed to CRUSH our economy.
     
  9. 95b16coupe

    95b16coupe New Member

    Messages:
    6,538
    Likes Received:
    224
    Joined:
    Nov 6, 2008
    Location:
    ct
    they are designed to create a terrible downward spiral....

    1) stupid people get free health care forced by the government
    2) jobs are cut to pay health care
    3) people who were just fired now get free health care too....

    wash, rinse, repeat....
     
  10. invisibledemon

    invisibledemon Bored Moderator VIP

    Messages:
    7,402
    Likes Received:
    626
    Joined:
    Jan 15, 2007
    Location:
    Tn
    what they are gearing towards is what russia currently has.

    they will continue passing tax legislation (or putting it in the middle of laws that have nothing to do with it) until its to a point that EVERYBODY is in violation of tax law. regardless of who/where does your taxes, it will be absolutely impossible to not be in violation of a law.

    that way, when you piss them off. all they have to do is arrest you on tax fraud/evasion/whatthefuckever.
    its an arrest warrant for any person that pisses them off.

    in soviet america, uncle sam spins you around on big stick.
     
  11. Matts96HB

    Matts96HB . Moderator VIP

    Messages:
    6,482
    Likes Received:
    390
    Joined:
    Apr 16, 2006
    shit hes closing in on george w's approval rate when he left office. kinda funny how that works out
     
  12. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

    Messages:
    5,751
    Likes Received:
    37
    Joined:
    Aug 15, 2003
    Lol - 1 day later...

    [​IMG]

    http://www.usatoday.com/money/economy/income/2010-05-24-income-shifts-from-private-sector_N.htm
     
Verification:
Draft saved Draft deleted

Share This Page