Posted on 07/17/2010 8:47:49 PM PDT by macquire
Ms. Olson also exposed a damaging provision that she estimates will hit some 30 million sole proprietorships and subchapter S corporations, two million farms and one million charities and other tax-exempt organizations. Prior to ObamaCare, businesses only had to tell the IRS the value of services they purchase. But starting in 2013 they will also have to report the value of goods they buy from a single vendor that total more than $600 annually—including office supplies and the like. Democrats snuck in this obligation to narrow the mythical "tax gap" of unreported business income, but Ms. Olson says that the tracking costs for small businesses will be "disproportionate as compared with any resulting improvement in tax compliance." Job creation, here we come . . . at least for the accountants who will attempt to comply with a vast new 1099 reporting burden. Meanwhile, the IRS will be inundated with useless information, because without a huge upgrade its information systems won't be able to manage and track the nanodetails.
(Excerpt) Read more at online.wsj.com ...
It’s setting the stage for a VAT tax. Once you have all businesses reporting all transactions between themselves, then it’s a VERY simple matter to state “now multiply by XX% and send that in as a tax”.
This is nothing to do about healthcare, and everything to do about instituting a VAT tax.
The Rats have just set up a Cloward/Pivening of their beloved tax goons. How many of these reports will show such notorious tax havens as “Office Depot” and “Office Max”? Excellent!
This is just the tip of the icebert of all the crap they’ve stuffed into Obamacare, and now ObamaFinReg. Repeal it all! We need what Michele Bachmann called “Omnibus Repeal” of all the Obama crap.
Obama is an idiot!
I was looking to start my own business... Now, I think I am gonna retire at 38 and go live under a highway overwass and survive off of grubs and treebark.
I will not be a slave to this ice cream cone eating halfrican.
Finally got our Green Cards this past November after applying 10 years ago and going through the legal process. Seriously thinking about moving back to Canada now.
DeathCare better get repealed.
I’ll close up my small business if Der Fuhrer gets a second term.
What a disaster.
For future reference.
The data that a business would keep to make this kind of report is the same it would keep to prove its expenses if audited. The main difference is that somebody is going to have to enter this stuff into a rationally set up relational data base manager system as the expenditures are made. This means you don’t have half a dozen names for Office Depot, etc. Linux and freeware is up to tasks like this.
The larger concern is not this camel’s nose, it’s the rest of the camel waiting outside the tent.
How funny. Listen, they can KMA and I mean that. This has NOTHING to do with health care and anyone that complies is a complete and utter suck up moron. Refuse, that’s it. REFUSE. Damn, move outside your comfort zone at least ONCE before we become a Communist country. I’m so over this acceptance of this BS.
Psssssttt. when do the people stand up for themselves for a change? Do we always have to rely on Congress to do it for us? That IS the problem with this country. Always wanting someone else to take care of it.
Of course he is an idiot.... but so are we if we just dutifully go along with it. I’m not doing it. End of story.
This is the second time today I have heard “repeal” but wondered over a year ago if it could be done. Does anyone think running a Presidential/Senate/Congressional campaign with “Repeal it we can!” would win with all the leaches in the system?
Let’s declare our independence and throw off such government. How many days until 11/2/2010 - our non-dependence day?
Since when did a piece of legislation passed by the sausage machine called Congress (even with only Republican support) have to stick to its stated topic? At least this has something vaguely to do with taxes. It could be worse, like another study of the sex lives of hookers in New York.
The list, ping
Well, Scott Brown managed to get pretty far with “we can do better than this.” Even if he is a screaming RINO.
Hey, they asked us to Cloward-Piven the IRS. Far be it from us to refuse, eh???
The list, ping
I knew it was. My accountant said write your congress critters and see about getting it changed. Even if you buy Gas or dinners. We have to to get a form from every business and then issue them a 1099 at the end of the year.
I have no idea what this proves because as a corporation we already report money spent and received.
I really think these A wipes are trying to put us all out of business.
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