The Seventh Day of Obamacare
40,000,000 Forms A-Filling: According to a report issued by the National Taxpayer Advocate, 40 million businesses will be affected by the health care law’s new 1099 paperwork mandate. This new information reporting provision requires vendors and small businesses to file Forms 1099 for any goods purchases that total over $600 in the aggregate over the course of a year—which will force all businesses, including small businesses, to file tax forms listing the amount of their annual transactions with vendors like their paper supplier, bottled water distributor, caterer, etc. In addition, the Taxpayer Advocate doubts that this massive new reporting burden on business will even result in improved tax compliance.
On the seventh day of Obamacare, the government gave to me:
40,000,000 Forms a-filling
7,400,000 MA benes losing
0 Oversight hearings
159 Boards and programs
16,500 IRS agents
21 Federal lawsuits
And a health insurance mandate “fee”