Sen. Harry Reid’s (D-Nev.) picks for the new Super Committee share one thing in common. They’re all tax and spend progressives. Two are champion earmarkers.
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One backdoor tax tucked into the Patient Protection and Affordable Care Act (HR 3590) was a proviso expanding reporting for small businesses via IRS form 1099. This requirement mandated that small businesses report the payment of more than $600 to any individual or corporation (as opposed to contractors). Small businesses like The US Report and others across the land will be subject to this requirement and completing the extra paperwork would cost more time or money depending on whether you use a tax preparer or do the return yourself.
Current chair of the Senate Finance Committee, Democrat Max Baucus (Mont.) wants the provision repealed. CNN Money said, “Top Democrats are uniting with Republicans in a show of support for small business owners: Senate Finance Committee Chairman Max Baucus, D-Mont., said Friday that he will introduce legislation to repeal the expanded 1099 reporting requirements set to take effect in 2012.”
Freshmen in the US House of Representatives don’t fit the traditional politico mold.