Senate Ratifies House Bill to Rescind 1099 Reporting Requirements

In an unsurprising move, the Senate voted 87-12 to approve H.R. 4, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.

The measure rescinds a provision in the Obamacare bill that would have required individuals and companies to report any payment in excess of $6oo to another individual or company in IRS Form 1099. The CBO estimates that this measure will add to the Federal Deficit by $21.9 billion over the next decade, due to reduced revenues; however, it will save Americans countless time and money spent on compliance. The bill now proceeds to the President for signature.

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