Thursday, April 29, 2010

Read all about it...

I guess it's not uncommon for our legislators to pass bills without reading them. The State Representative from my district, Tom Saunders, has admitted that before. More than once.

Up in Washington,Nancy Pelosi said that she wanted to go ahead and pass the health insurance bill so that we could find out what was in it. Well, somebody's finally getting around to reading it, and we're starting to find out. Chris Edwards over out CATO@Liberty reports that the Internal Revenue Service is getting a big boost from the bill.

For years, businesses have been required to report the money they pay to subcontractors to the IRS. It's reported on a 1099 form. I guess the IRS didn't trust the subcontractors to report it on their own. It involves a lot of time and paperwork.

A clause in the new health insurance bill requires businesses to file a 1099 on any company that they spend over $600.00 with. I'm thinking basically it will pretty much catch every business and every supplier. I haven't heard any estimates on how many trees will have to be killed to meet this new mandate. And I haven't heard how many billions of dollars it will cost businesses, and ultimately, how many billions of dollars it will cost consumers.

And I haven't heard estimates on how much it will generate in additional taxes.

I guess we can read about it when they figure it out.

I'm just not sure they will.

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