NTU urges all Senators to vote “YES” on H.R. 4, the House-passed “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.” This bill would eliminate the onerous requirement that businesses file a 1099 form to report purchases of goods or services of more than $600 per year.
The 1099 reporting rules, included in the 2010 health care overhaul and the “Small Business Jobs Act”, constitute a burdensome and unnecessary mandate that would hurt as many as 40 million businesses, many of which are already struggling in this economic climate. Even President Obama has spoken out, calling the 1099 requirement enacted in 2010 a “flaw” in his State of the Union and noting that it “placed an unnecessary bookkeeping burden on small businesses.” That’s why the Senate should now vote to repeal it (as well as another 1099 scheme) and reduce spending elsewhere to ensure that our staggering $14 trillion national debt does not grow even larger.
H.R. 4 would do exactly that, reducing taxes by $19.7 billion and trimming excess refundable credit expenditures by $19.9 billion over the coming decade. With our sluggish economic recovery and Washington’s $1.6 trillion overspending problem, this legislation represents a chance to help businesses and taxpayers without adding to the deficit.
NTU urges all Senators to vote “YES” on H.R. 4. Roll call votes on this legislation will be significantly weighted in our annual Rating of Congress.
If you have any questions, please contact:
NTU Federal Government Affairs Manager Brandon Greifeat (703) 683-5700