Obamacare’s Stealth Assault on Small Business

Notice how folks are beginning to find many little “political gotcha’s” in Obamacare? Inquiring minds are reading about embedded laws-within-a-law:

They have reason to be afraid. Right now, business owners file two forms when they employ people: a W-2 for employees and a 1099 for freelance contractors. A typical small business files 10 such forms, at a cost of 3–5 hours of time per year.

Embedded in the new health-care law, however, is a staggering requirement: using a new form — the 1099k — small businesses will have to start reporting all their purchases of goods from other businesses. (You can see a draft version of the 1099K form on the IRS website.)

This says all you really need to know:

The IRS intends the measure as a revenue-enhancer. If more transactions are reported, more can be taxed. The provision got tucked into the health-care bill not because it has any relation to health-care, but in order to plump the revenue side of health-care reform—and thus tilt the numbers to make the total bill look less costly.

So it comes down to just another…lie.


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