Wednesday, September 15, 2010

Feingold Retains the Pain for Small Business

The Utterly Condescending One finds another way to grind down the business community.

When ObamaCare was passed, one provision required every business to fill out and submit a 1099 form accounting for all expenditures above $600.00/year. Buy gasoline? Send a 1099. Buy envelopes? Rent your offices? Purchase furniture? Yup. Another 1099.

That means that the small business would have to 1) obtain the taxpayer number for the payee, 2) keep a running total of all moneys spent there, and 3) fill out a 1099 if the number exceeded $600.00. (By the way, you cannot erase errors on 1099's. You must fill out a whole new one if you screw up.)

This is a classic Pain in the Ass Regulation--right up Feingold's alley, just like the Poison Lightbulbs he's forcing you to put in your home.

The Pubbies tried to erase that 1099 requirement yesterday as an amendment to the Small Business "Helpout" Bill.

Feingold and 60 others voted to retain the pain.

November's coming, Little Russ.

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