Cartoon by William Warren
This part of Obamacare was repealed. It passed the Senate 87-12.
I think this highlights the fact that the Government does not understand businesses. What else is in Obamacare?
This is what this provision would have done. Every expense a business has over $600 has to be included in a 1099. This forces small businesses to be drowned in paper regulations.
The Wall Street Journal indicated how burdensome this would be:
Think about a midsized trucking company. The back office would have to collect hundreds of thousands of receipts from every gas station where its drivers filled up and figure out where it spent more than $600 that year. Then it would also need to match those payments to the stations’ corporate parents.
On March 22, 2012
The House votes to repeal IPAB which has been coined as an Obamacare death panel.