Monday, May 17, 2010

PISA-Paper Industry Salvation Act of 2010

Obamacare: Paperwork You Can Believe In
by Deroy Murdock
05/17/2010

NEW YORK -- President Barack Obama promised Americans “health care reform.” So far, “health care form” is more like it.

ObamaCare is devolving into the Paper Industry Salvation Act of 2010. This new law spans 2,562 tree-killing pages. Far worse, it will force Americans to spend countless, irritating hours completing, transmitting, and filing endless reams of federal paperwork.

The scariest news for America’s forests may be a brand-new mandate that will compel each business — from General Electric to the neighborhood handyman — to file an IRS Form 1099 for every business on which it spends at least $600. Form 1099 today applies only to independent contractors, e.g. a graphic artist who earns $1,000 for designing a sales brochure. Come 2012, ObamaCare vastly will expand 1099s to sellers of goods as well as services, and not just the self-employed, but also businesses — large and small.

“This will create a two-fold whammy for small businesses,” predicts Rep. Dan Lungren (R – California) who is sponsoring legislation to repeal this provision. “They will have additional accounting costs that will consume time and money,” Lungren tells me. “They will be required to keep a running tab with every vendor, all the way from restaurants to anything they buy — a piece of equipment, an airline ticket, or a hotel room. And when they reach the $600 threshold, they will be required to file 1099s for each of those vendors.”

Read the rest here.

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