It hasn’t even been two weeks since the midterm elections, but already the winds of change are blowing across the Capitol. And it’s not just the Republicans who are shaking things up; Democrats are chipping away at their own agenda after watching voters come out in droves to break the liberal chokehold on our Congress. And they are beginning, thank God, with ObamaCare.
According the Hill’s Healthcare blog http://http://thehill.com/blogs/healthwatch/health-reform-implementation/128971-baucus-vows-effort-to-repeal-1099-filing-requirement- Democratic Senator and Finance Committee Chair Max Baucus is calling for the repeal of a healthcare law provision that shackles small businesses with additional 1099 filing requirements. To Baucus’ credit, he had tried before to scale back the provision, but his efforts–along with those of Republican Mike Johanns of Nebraska and Florida Democrat Bill Nelson–were shot down by the more liberal Dems who had no inclination to comprise.
Now that so many of their brethren have been handed their walking papers by the American people, they are singing a different tune. Obama called the measure “probably counterproductive”, and even Nancy Pelosi stated that this one of the few aspects of the healthcare law on which both parties could agree. Maybe they should have spent more time a) reading the bill and b) listening to others before rammining the whole thing down everyone’s throats.
Baucus’ announcement has come not a moment too soon. The article below, which was published by the Patriot Post on October 15, outlines the liberals’ plan to expand the 1099 requirements to include individuals who own rental property.
Will Rental Property Owners Have to Fill Out 1099s?
While many of us are still scratching our heads as to how the innocuous-sounding Patient Protection and Affordable Care Act (a.k.a., ObamaCare) was passed, Congress is trying to add yet more layers of bureaucracy that will separate us from our freedom and our money. Congress has handed Barack Obama the Small Business Jobs and Credit Act, which expands the reporting requirements on IRS form 1099 to include individuals who own rental property. Currently, ObamaCare mandates that small businesses file a 1099-MISC for goods valued at over $600. Under the new bill, property owners would be considered to be “engaging in business” and as such would be required to report any goods or services — valued at over $600 in a 12-month period — associated with the property.
This may sound simple, but for the 10 million Americans affected, it will be anything but. Ryan Ellis of Americans for Taxpayer Reform illustrated it perfectly: “So imagine that you’re renting out your starter condo. You pay a property manager, a plumber, a repairman, a locksmith, a condo association, etc. Imagine having to get a taxpayer identification number, order 1099-MISCs from the IRS, fill them out by hand, keep a copy for yourself, send a copy to each payee (from whom you had to get a tax ID number and other information), and then finally take your legitimate rental deduction. Then the IRS finds some hiccup somewhere, and you get audited — all to placate an insane Congress.”