Amendment to FAA Bill Is Fully Paid Could Receive Vote as Early As Tomorrow
Washington, D.C. – Today Sen. Debbie Stabenow introduced an amendment to repeal the so-called “1099” reporting requirement that was enacted under the federal health care law. Stabenow’s measure, which could receive a vote as soon as tomorrow, is fully paid for, but also takes special steps to protect Social Security, Veterans and Defense from any cuts.
“This amendment is a common-sense solution for business owners who need to be focused on creating jobs, not filling out paperwork for the IRS,” Sen. Stabenow said. “If left unchecked, this 1099 provision would tie up 40 million small businesses in red tape and burdensome IRS reporting requirements, so we need to fix it now. But we must also keep our promises not to cut Social Security or veterans benefits to pay for this fix.”
Democrats and Republicans have agreed that the 1099 provision—a portion of the health care reform law that small businesses say is inadvertently burdensome—needs to be repealed. But unlike a competing 1099 repeal plan, Sen. Stabenow’s amendment clarifies that Social Security should be spared from any cuts. The amendment will have several co-sponsors.
The amendment repeals a provision that requires businesses to file a 1099 form with the Internal Revenue Service for each vendor with whom they have at least $600 in transactions. Since the health care law’s passage, Democrats have listened to businesses—especially small businesses—that have expressed concern about the potential burden posed by these added reporting requirements.
“We know there are places where we can come together and improve health care reform,” Sen. Stabenow added. “But we shouldn’t roll back the clock to the days when insurance companies, not families and doctors, were in control of health care. Instead of fighting old fights, we should all be focused on improving our business climate and creating jobs. It’s time for common sense to prevail.”
Republicans’ dangerous plan to repeal the entire health care reform law – which is opposed by 80 percent of Americans – would increase the deficit by more than $1 trillion, raise taxes on small businesses, increase prescription drug prices for seniors and allow insurance companies to once again deny care to sick children.