Saturday, July 31, 2010

Health Care Bill HR3590- #1988 - House Rejects Partial Health Care Repeal - Breitbart

The House has rejected a bill that would repeal a tax filing requirement in the new health care law that could swamp businesses with paperwork. The provision requires nearly 40 million U.S. businesses to file tax forms for every vendor that sells them more than $600 in goods, starting in 2012. The goal was to prevent vendors from underreporting their income. Democrats and Republicans want to repeal the provision because they think it will create too much paperwork for small businesses. But they disagree on how to cover the cost: $19 billion over the next decade.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. Talk about a paperwork nightmare: Tucked into the massive new health care law is a demand that nearly 40 million U.S. businesses file tax forms for every vendor that sells them more than $600 in goods. House Democrats now want to repeal it. Republicans, too. But nothing is that simple in an election year. The latest effort was expected to come to a vote late Friday.......Republicans want to repeal the filing requirement and pay for it by changing other parts of the new health care law, a strategy that Democratic leaders won't support. Democrats want to repeal the filing requirement and pay for it by raising taxes on international corporations and limiting taxpayers' ability to use special trusts to avoid gifts taxes. Republicans won't support that.  House Republicans tried to do it their way by amending an unrelated tax bill late Thursday. House Democratic leaders responded by shelving the bill.  Read more.........

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