Rep. Fred Upton Fighting for Small Business, Calls for Repeal of Harmful 1099 Tax Provision

Rep. Fred Upton (R-MI) speaks on the House Floor to highlight the plight of Michigan small businesses that will be hit by a burdensome tax reporting mandate in the recently passed health care bill. The provision, Section 9006 of the bill, will force every business to file a separate 1099 IRS Form for every single business-to-business transaction that exceeds $600 in a given year. Compliance means such basic business expenses as telecommunication services, utility repairs, and office supplies will now be subject to IRS disclosure. Upton is cosponsor of legislation, the Small Business Paperwork Mandate Elimination Act (H.R. 5141), to repeal this provision to the Internal Revenue Code before it takes effect in 2012.

Category:

News & Politics

Tags:

• Fred Upton
• Health Care
• 1099
• Small Business Tax
• IRS

[furyofbongos]

I heard the motivation for this is to help pay for the health care bill.

So take the extra money that comes in from this new tax, subtract the salaries and cushy benefits of the 15,000 new IRS agents, and also subtract the former taxes of all the small companies that go out of business because of this bill and let's see how much money it raises..

[marinello6]

H.R.5141 - Small Business Paperwork Mandate Elimination Act

[marinello6]

Thank you for posting this video.