House Reps Vote Down Business Tax Bill

Discussion in 'Business Operations' started by Charles, Mar 4, 2011.

  1. Charles

    Charles Moderator Staff Member
    Messages: 8,957

    :clapping: Glad this stupid thing didn't pass:

    WASHINGTON – An unpopular tax filing requirement for businesses tucked into the new health care law would be repealed under a bill overwhelmingly passed by the House Thursday.

    The provision would require millions of businesses to file tax forms for every vendor that sells them more than $600 in goods each year, starting in 2012. The requirement is projected to raise nearly $25 billion over the next decade by ensuring that vendors pay their taxes. But lawmakers in both parties say it could create a paperwork nightmare for businesses and the Internal Revenue Service.

    The filing requirement is so unpopular in Congress that it is unlikely to ever take effect. The House voted 314 to 112 Thursday to repeal the filing requirement, with 76 Democrats joining all Republicans in voting to pass the bill. The Senate passed a similar measure last month, and attached it to an unrelated bill to help modernize the nation's air traffic control system.

    However, many Democrats and Republicans — and the House and Senate — disagree on how to make up the potential revenue, so the debate could drag on for months.

    "Frankly, it is an attempt to repeal a provision of the health care bill that never should have been there in the first place," said Rep. Dan Lungren, R-Calif., who sponsored the House repeal bill. "Let's not make it a political football now."
  2. AI Inc

    AI Inc LawnSite Fanatic
    Messages: 27,060

    Good , now its time to do away with the " must purchase" mandate, as it was only in there to get ins co,s on board. Once they told Obama to pound sand , nobody remembered to take it out.

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