Unless Congress acts to fix their mistake, a paperwork tsunami will drown every business, including yours, and all of your favorite organizations, including Downsize DC.
This coming tsunami is the new requirement that every business must fill out 1099s forms for every company with which it spends more than $600. This new burden was a provision of the Obamacare bill.
Everyone hates it. Both parties CLAIM they want to repeal it, but they can’t agree about where to fit it in their tight schedule, or whether or not to “pay” for the lost revenue with spending cuts elsewhere.
Well, they SHOULD cut spending. But let’s be clear: There’s NO revenue loss to contemplate. The 1099 requirement will cut into profits. That would mean less, not more revenue for our bloated government.
You may borrow from or copy this letter . . .
Don’t blame the other party for not getting a repeal bill passed. The new requirement will cause . . .
- Confusion: Should the 1099 be sent to the local chain store, or to corporate headquarters?
- Excessive paperwork: Buying a single ounce of gold could trigger a 1099
- Identity theft: The self-employed who use their Social Security number as a Tax ID will be at greater risk from the new tracking systems
- More audits and loss of privacy
- Havoc in the private economy that will offset any revenue it will raise
This means you don’t need to offset any “lost” revenue from a repeal. Just pass a clean, simple repeal bill. Pressure Congressional leaders of BOTH parties to get this done . . .
- Introduce a repeal bill in the House
- Pass it in the House
- Pass it in the Senate
If this can’t be done, I won’t blame one party or the other. I will blame BOTH.
And if you want to spare the nation from being buried in paperwork, please tell your friends and share this on Facebook. http://www.facebook.com/downsizedc
Jim Babka, President