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As an immediate compliance savings, there will no longer be any need for homebuilders and other employers to maintain the distinction between employees and contract labor for tax purposes

WRONG!

`SEC. 903. WAGES TO BE REPORTED TO SOCIAL SECURITY ADMINISTRATION.

`(a) IN GENERAL- Employers shall submit such information to the Social Security Administration as is required by the Social Security Administration to calculate Social Security benefits under title II of the Social Security Act, including wages paid, in a form prescribed by the Secretary. A copy of the employer submission to the Social Security Administration relating to each employee shall be provided to each employee by the employer.

`(b) WAGES- For purposes of this section, the term `wages' means all cash remuneration for employment (including tips to an employee by third parties provided that the employer or employee maintains records documenting such tips) including self-employment income; except that such term shall not include--

`(1) any insurance benefits received (including death benefits);

`(2) pension or annuity benefits received;

`(3) tips received by an employee over $5,000 per year; and

`(4) benefits received under a government entitlement program (including Social Security benefits and unemployment compensation benefits).

`(c) SELF-EMPLOYMENT INCOME- For purposes of subsection (b), the term `self-employment income' means gross payments received for taxable property or services minus the sum of--

`(1) gross payments made for taxable property or services (without regard to whether tax was paid pursuant to section 101 on such taxable property or services), and

FICAs getting repealed under the NRST. And the statement still hoilds true. The statement does NOT say that employee salaries don't need to be tracked anymore. Left-wing disinformation at it's finest.

I think I remember you saying that you are in the financial services biz, and if so I can see your motivation. America's biggest "brain drain" is all the higlhy intelligent people who decide to devote their lives building tax shelters for the likes of John Kerry and his ilk.