Tuesday, September 14, 2010

Obama Administration Pushes to Scale Back Tax-Reporting Law in ObamaCare

Looks like the Democrats passed it without fully thinking through all of the effects, and even its biggest proponents are having voter's remorse.


"Facing a backlash from small businesses over a new tax-reporting requirement in the healthcare law the president signed in March, the Obama administration is embracing the first change to the landmark legislation.

In a letter to Senate leaders, Health and Human Services Secretary Kathleen Sebelius and Treasury Secretary Timothy F. Geithner urged the Senate to back a proposal to scale back the new reporting mandate.

The law requires businesses to report to the Internal Revenue Service transactions worth more than $600, a provision that was added to the law to raise an estimated $17 billion over a decade and offset the cost of expanding coverage to millions of uninsured Americans.

The Senate rejected both proposals.


"Senators just voted 46-52 against an amendment by Sen. Mike Johanns, R-Neb. that would have stripped out the provision, which requires businesses to report to the IRS transactions to anyone or any company that cost more than $600.

The Senate then defeated a similar amendment by Sen. Bill Nelson, D-Fla. Nelson’s measure, which went down in a 61-37 vote, would have raised the reporting requirement to $5,000 and excluded businesses with fewer than 25 employees.

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