Thursday, February 3, 2011

Senate repeals part of health care law

GOP plan is to dismantle each provision of Obamacare one by one....

(Politico) The Senate voted Wednesday for the first time to repeal a piece of President Barack Obama’s health care overhaul, rolling back a new tax reporting requirement that’s been universally panned by business owners.

The amendment to repeal the 1099 reporting requirement passed 81-17 with broad bipartisan support.

The provision would have required business owners to file 1099 tax documents on all cumulative purchases from a single vendor that total more than $600 in a year.

It was included in the health law because it would have raised about $17 billion in previously uncollected taxes. A bipartisan collection of business groups have opposed the provision, arguing that it would bury them in paperwork.

The repeal would be paid for by requiring the Office of Management and Budget to find the funding in unspent but appropriated funds.