Wednesday, September 22, 2010

ObamaCare: Creating Paperwork, Raising Costs, Destroying Jobs

Section 9006 of ObamaCare expands information reporting requirements to the Internal Revenue Service (IRS) for business transactions in excess of $600 in goods or services. Starting in 2012, ObamaCare mandates that all businesses file an IRS Form-1099 for any vendor with which they have more than $600 in yearly transactions. With an unemployment rate above nine percent for 16 consecutive months, this monstrous accounting and paperwork burden will not provide any incentive to create jobs. To the contrary, the “1099 Provision” will create additional costs for business owners, particularly owners of small businesses, reducing productivity and further stifling economic growth.

Please see the document from the House Republican Conference on what we can continue to expect from Obamacare. Click here to read the brief.

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