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wE REPEALED IT. ARE YOU HAPPY NOW? OH.

Posted by Admin Posted on Mar 16 2011

Both the House and the Senate have passed bills to repeal the new 1099 requirements.  But while both bills agree on the goal, they differ in how to pay for it.

Democrats attached a $22 billion revenue number to the 1099 rules as part of 2010's health care reform.  To repeal it, the current Congress has to replace the lost revenues.

The Senate passed version authorizes the GAO to find $22 billion in cuts after the bill is passed.  The House version requires taxpayers who earn more than 400% of the poverty level to reimburse the government for health care subsidies.  Needless to say, this has evolved into a bit of a fight.

Last week, Senate Majority Leader Harry Reid (D-NV) said he preerred the House language to the Senate language.  Now, Senate Democrats are expected to offer alternate language as part of a small business bill working its way through committee.  Reid declined to give any details,and Senate Finance Committee Chair Max Baucus (D-MT) said he is looking for other offsets.

Round and round the mulberry bush, the monkey chased the weasel . . .

 

 

 

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