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Good News for Coin Sales***Stabenow 1099 repeal passes, 81-17/Senate approves 1099 repeal as amendme
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Senate approves 1099 repeal as amendment to FAA measure
By Vicki Needham - 02/02/11 06:08 PM ET
On their first try, Senators easily approved on Wednesday an amendment the Federal Aviation Administration reauthorization legislation to repeal the onerous 1099 provision included in the healthcare law.
The Senate approved, on a 81-17 vote, a motion to waive the point of order against the amendment offered by Sen. Debbie Stabenow (D-Mich.) to eliminate the requirement that businesses must file the forms with the IRS for purchases of $600 or more.
Senate Republicans expressed some confusion earlier Wednesday over why Stabenow had signed onto a similar amendment by Sens. Joe Manchin (D-W.Va.) and Mike Johanns (R-Neb.) but had offered her own version. The Johanns-Manchin amendment had the support of 61 lawmakers.
Stabenow added some language to ensure that in addition to the Defense and Veterans Affairs departments that no funding from the Social Security Administration would be touched to pay for the repeal. Her amendment also updates the cost to $22 billion over 10 years and sets aside $44 billion in unused, previously appropriated funds to ensure the repeal's cost is covered.
"Sen. Stabenow has been a leader in the effort to repeal the 1099 requirement for businesses since last year," her spokesman Cullen Schwarz told The Hill in response to Republican questions about her amendment. "However, she does believe her approach is best because it prevents any possibility that cuts to the Social Security Administration will be used to pay for 1099 repeal."
Meanwhile, Sens. Carl Levin (D-Mich.) and Daniel Inouye (D-Hawaii) lost their bid to give Congress the power to determine what spending cuts will be used to pay for the $22 billion cost of repealing the amendment.
The side-by-side amendment, which failed and was withdrawn on a 44-54 vote, would have paid for Stabenow amendment.
The Stabenow amendment provides the White House's Office of Management and Budget to decide the cuts whereas Levin and Inouye argued that the cuts should be up to Congress not the executive branch.
The Levin-Inouye amendment "makes specific decisions on spending cuts and revenue increases to account for the cost of repealing this provision," Levin said Wednesday evening on the floor.
The amendment called for overhauling "unjustified tax expenditures related to oil and gas production by large oil companies, companies that are enormously profitable with or without these tax expenditures," he said.
"Our amendment would reform a loophole that provides tax credits to filers who pay taxes both in the United States and in foreign countries," he said.
It also would "eliminate some unintended loopholes used to avoid clearly intended rules on the gift tax exemption."
Even though the Levin-Inouye language offered specifics, Levin said he's willing to consider better alternatives but "what we cannot support is abdication of our responsibility to make these decisions."
Inouye, the chairman of the Senate Appropriations Committee, called his amendment "a far superior alternate to the Stabenow amendment as it currently stands."
The Hill
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Comments
<< <i>Good news, but it was about time. Stupid laws made by stupid people. >>
The whole health care law is stupid! I'm sick of people telling me what to do and how to do it.
Russ, NCNE
<< <i>Outdamnedstanding!
Russ, NCNE >>
What Russ said!!!!
Good news, but it was about time. Stupid laws made by stupid people.
A small, deliberate "give" built into the 2000 pages of legislation for someone to object to later, repeal it and now congress can claim "See, we fixed Heath Care".
What a load of hooey.
Get rid of the whole, freaking thing.
And what's an FAA 1099 requirement doing in the health care bill anyway?
Good Lord.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Better?
Seems there are enough votes to override a Veto
Experience the World through Numismatics...it's more than you can imagine.
<< <i>OK, glad the 1099 is repealed, it's a Trojan horse, I'll take the 1099 repeal and go for repeal of the whole thing.
Better?
Wasn't talking about you, actually.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
<< <i>
<< <i>OK, glad the 1099 is repealed, it's a Trojan horse, I'll take the 1099 repeal and go for repeal of the whole thing.
Better?
Wasn't talking about you, actually. >>
Oh. I thought I fit the bill, so I re-phrased. Oh well. NVM.
<< <i>Has there been a statement from the White House? Just curious
Seems there are enough votes to override a Veto >>
Obama is on record as supporting repeal of the provision.
Russ, NCNE
<< <i>
<< <i>Has there been a statement from the White House? Just curious
Seems there are enough votes to override a Veto >>
Obama is on record as supporting repeal of the provision.
Russ, NCNE >>
"Yes I am!"
I don't care if it is something as small as a candy bar.
It is definitely unconstitutional for the government
to force anyone, to purchase anything. And threaten to penalize them for
not purchasing it.
And threaten to penalize them for not purchasing it. Amen!!!!!!!!!!!!!!!! This is one scary time in American history!!
Note the 17 who voted against lifting the reporting burden: NAY Akaka (D-HI) Carper (D-DE) Durbin (D-IL) Franken (D-MN) Gillibrand (D-NY) Harkin (D-IA) Inouye (D-HI) Lautenberg (D-NJ) Leahy (D-VT) Levin (D-MI) Mikulski (D-MD) Murray (D-WA) Reed (D-RI) Reid (D-NV) Sanders (I-VT) Schumer (D-NY) Whitehouse (D-RI)
<< <i>Has there been a statement from the White House? Just curious
Seems there are enough votes to override a Veto >>
Obama supports the repeal. This horrible provision is, in fact, the portion of Obamacare that he spoke of in the State OTU address when he said that Dems. may support repeal of some provisions.
<< <i>And who are the doofuses who voted agains the repeal you might ask....?
Note the 17 who voted against lifting the reporting burden: NAY Akaka (D-HI) Carper (D-DE) Durbin (D-IL) Franken (D-MN) Gillibrand (D-NY) Harkin (D-IA) Inouye (D-HI) Lautenberg (D-NJ) Leahy (D-VT) Levin (D-MI) Mikulski (D-MD) Murray (D-WA) Reed (D-RI) Reid (D-NV) Sanders (I-VT) Schumer (D-NY) Whitehouse (D-RI) >>
There's an awful lot of people on that list that I intensely dislike to begin with.
<< <i>Outdamnedstanding!
Russ, NCNE >>
YES!
BHNC member # 184!
http://www.busthalfaddict.com
<< <i>It is definitely unconstitutional for the government to force anyone, to purchase anything.
And threaten to penalize them for not purchasing it. Amen!!!!!!!!!!!!!!!! This is one scary time in American history!!
This is cool with me as long as we start turning away ANYONE, who shows up at an emergency room, that doesn't have insurance, or money UPFRONT to pay for services. I don't care if your arm is broke in 10 places, no insurance, no care. If you're in a car accident and need help, again, no insurance, no care, you better call next of kin.
Because I'm sick of people getting FREE health care.
While I'm at it, same with schools, stop sending my property tax dollars to schools, I don't have kids and I'm sick of paying for other peoples kids education, and the worst thing of all, lets stop that $1000 child tax credit giveaway, stop redistibuting my wealth to people with kids.
That's about it, we fix all those things and I'm good.
<< <i>
<< <i>Has there been a statement from the White House? Just curious
Seems there are enough votes to override a Veto >>
Obama supports the repeal. This horrible provision is, in fact, the portion of Obamacare that he spoke of in the State OTU address when he said that Dems. may support repeal of some provisions. >>
Obama has not specifically stated he supported repeal of the 1099. He did, in the State of the Union, say he would support changes to the Health Bill that placed unnecessary burden on businesses. Hopefully he is smart enough to realize this is one of those burdens.
"A car is a tool that takes you from one place to another. Everything beyond that is a payment for other people's perception of you."
<< <i>Like above now the whole health care bill needs to be repealed.
I don't care if it is something as small as a candy bar.
It is definitely unconstitutional for the government
to force anyone, to purchase anything. And threaten to penalize them for
not purchasing it. >>
So when will the car insurance requirement be declared unconstitutional? It seems to fit
the above statement perfectly. Hmmm...
We will soon see if this is declared unconstitutional, by the only group that has been
given this power by the U.S. Constitution.
The new reporting requirement only applied to CORPORATIONS, but as usual, hatred for Obama was leveraged for the Fox News/talk radio crowd who was stirred up in protest to get the law repealed by being told the law applied to THEM (Nancy Pelsoi wants to track all your purchases and control your life! O-mammy wants to know when you buy a gold coin -- or a gun!)
Too bad people like Nick Pyle, Barry Stuppler, the ANA and ICTA fell for it.
So now corporations can continue to evade taxes -- but the law STILL APPLIES to individuals - as it has since the Nixon years -- and the little guy will continue to get a 1099 form for any income over $10
Repealed on a FAA bill.
What a way to conduct business!
<< <i>Passed on a health care bill.
Repealed on a FAA bill.
What a way to conduct business!
Sorry to hear that you are sick. I hope that you have health insurance to cover therapy for your illness.
But I am happy she finally did something good. Go Debbie!
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
My digital cameo album 1950-64 Cameos - take a look!
The idea that this law would get someone who isn't filing 1099s to begin filing them, and hence the additional revenue, is just plain idiotic.
Frank, you're mistaken. This law was supposed to apply to any business who paid someone or some organization over $600 in a calendar year for any goods or services, not just to corporations. Your comment re an individual who pays his gardener over $600 in a calendar year is supposed to file a 1099 to report it, is correct. But in my 32 years as a CPA, I have never seen the IRS issue a single penalty for failing to file a 1099 under these circumstances. Furthermore, this ONLY applied to the provision of services, NOT to the purchase of tangible personal property.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>The whole health care law is stupid! I'm sick of people telling me what to do and how to do it
Sorry to hear that you are sick. I hope that you have health insurance to cover therapy for your illness. >>
And I hope you are looking forward to prepaying your premiums for your business's government run health insurance, that doesn't start until 2014.