House votes to repeal '1099' tax-reporting requirement in health-care law

Posted at 3:10 PM ET, 03/ 3/2011
By Felicia Sonmez
Washington Post

The House on Thursday approved a measure that would repeal the unpopular '1099' tax-reporting requirement for small businesses included in the national health-care law.

It passed on a 314-to-112 vote, with all Republicans present as well as 76 Democrats voting in favor; 112 Democrats were opposed.

Both Democrats and Republicans, as well as the White House, support repealing the provision, which requires businesses to report to the Internal Revenue Service all purchases of $600 or more.

But there remain deep partisan divisions over how to pay for 1099 repeal, which would result in an estimated $22 billion loss in revenue over the next decade.

The Republican-led measure that passed the House Thursday would pay for it by forcing greater repayment of health insurance subsidies for families whose income exceeds certain thresholds. A Democratic-sponsored version that overwhelmingly passed the Senate last month, meanwhile, would pay for repeal by using untapped federal funds.

House Republicans contend that the plan that passed Thursday would reduce the deficit by $166 million over the next decade. Democrats have countered that it would increase the burden on the middle class.

By Felicia Sonmez | March 3, 2011; 3:10 PM ET

To see original article CLICK HERE

Follow Us

Share Page

Weekly Charts

Current Spot Prices


Special Offers

© 2017 Swiss America Trading Corp. All Rights Reserved.   |   Privacy Policy   |   Site Map   |   Contact Us   |   Mobile Version
SWISS AMERICA and Block Logo are registered trademarks of Swiss America Trading Corp.
Where did you hear about us?
Pat BooneMichael Savage
OtherChristopher Greene (AMTV)