Obamacare is Bad for Business
It seems like almost every week since Obamacare was signed into law we've learned of a new way that the law will cost more than we were told, eliminate private coverage for those we were assured could keep it and hurt small businesses in ways we were promised it wouldn't.
One of the worst provisions in the law requires every business to file a 1099-MISC tax form with the IRS for each purchase of goods or services of $600 or more. That means businesses could be forced to file a separate 1099 form for individual everyday purchases like buying equipment, furniture, office supplies, software, meals, and fuel.
It's hard to imagine how this new paperwork burden could be implemented. A typical small business might use hundreds of vendors for thousands of transactions over the course of a year. Keeping track of all of those 1099s will require companies to maintain sophisticated and time consuming record keeping systems. All of this increased paperwork will waste time and money for the very businesses we are asking to create additional jobs, produce more products and get our economy moving again.
This is yet another example of the many harmful new regulations hidden within the health care law. It also reinforces the need to repeal this flawed piece of legislation and replace it with policies that lower costs and expand coverage for Americans, while protecting the small businesses that will lead us in a full economic recovery.
Sincerely,
