Stop High Speed Rail – Banner
Home and Garden – Banner
Today
It is forecast to be Chance of Rain at 7:00 PM PDT on April 24, 2015
Chance of Rain
55°/47°
Home » Santa Clarita News » McKeon Commends House Passage Of 1099 Repeal

McKeon Commends House Passage Of 1099 Repeal

buckmckeonThe House of Representatives voted to repeal a provision of the health care reform bill Thursday that forced businesses to submit 1099 tax forms for any individual or business from which they buy more than $600 worth of goods in a year.  

“Keeping another promise we made to our constituents in the Pledge to America, House Republicans voted today to repeal the overpowering, burdensome 1099 paperwork mandate to be placed on small business owners under the current health care law passed by Democrats last year,” said Congressman Buck McKeon in a statement.  


Don’t miss a thing. Get breaking news alerts delivered right to your inbox.



H.R. 4, The Small Business Paperwork Mandate Elimination Act, passed with a vote of 314-112, with 76 Democrats joining the GOP’s unanimous position.  

Proponents of President Barack Obama’s health care reform said the provision created $22 billion in annual federal revenue. Recent Republican legislation attempts to make up for the lost revenues by changing the schedule to recoup subsidies to purchase insurance meant for low and moderate income families after they’ve reached higher income levels.  

On Thursday, McKeon said oppressive mandates, such as the 1099 provision, hinder business confidence and the ability to project future growth.  

“Seven out of every ten new jobs in America are created by our nation’s small businesses, making them the leading source for America’s prosperity and economic recovery,” he said. “With these considerations in mind, the federal government should be making it easier, not harder, for our nation’s small business to grow by removing barriers and obstacles in the way of our job creators. Today’s vote to repeal the 1099 requirement in the health care law achieves just that.”  

Nevertheless, the 1099 provision isn’t completely eliminated. On February 2, the Senate passed its own version of the repeal with wording different from the House bill. The two chambers will need to agree on the same legislation.

 

 

McKeon Commends House Passage Of 1099 Repeal

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

About KHTS AM 1220

AV Party Rental – News Banner
Academy Swim Club – News Banner
High Speed Rail – News Banner
College Of The Canyons – News Banner
Action Family Counseling – News Banner
Hugo Naturals – News Banner
All American Bail Bonds – News Banner
Beyond Harmony – News Banner
Academy Swim Club – Tile
Adage IT – Tile
Patterson’s Collision Center – Tile
AV Party Rental – Tile
IHOP – Tile
Simply Taylored – Tile