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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Follies who wrote (88127)	7/26/2010 6:00:40 PM
From: FJB	1 Recommendation Respond to of 224738

Majority of Small Business Sector Facing Higher Taxes Under Obama Plan From Ryan Ellis on Monday, July 26, 2010 10:51 AM •The Obama Administration and Congressional Democrats have said that they want to raise taxes in the top two income tax rates in January 2011. Under their plan, the 33 percent rate will rise to 36 percent, and the 35 percent rate will rise to 39.6 percent automatically in January. These rates affect families and small business owners earning at least $200,000 per year •Unlike corporations, small businesses usually don’t pay their own taxes. Rather, business profits flow through to the business owner. The business owner pays taxes on her small business by adding the profits to her income tax form. Therefore, personal income taxes are the same thing as small business taxes. •According to the IRS, most small business profits pay taxes in households making more than $200,000 per year. The IRS keeps track of two types of small business income: sole proprietors, and “pass-through” entities like partnerships and S-corporations. •All small businesses. There were 30 million tax returns reporting small business income in 2008. On net (profits reduced by losses), these owners reported business profits of $981 billion. A large chunk of this net profit--$488 billion—faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan. •Sole proprietors. There were 22 million tax returns reporting sole proprietor income in 2008. On net (profits reduced by losses), these owners reported business profits of $264 billion. A large chunk of this net profit--$90 billion—faced taxation in households making more than $200,000 per year. 34 percent of sole proprietor profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan. •S-corporations and partnerships. There were 8 million partners and S-corporation shareholders in 2008. On net (profits reduced by losses), these owners reported business profits of $717 billion. A majority of this profit--$398 billion—faced taxation in households making more than $200,000 per year. 55 percent of S-corporation and partnership profits will face a tax rate hike under the Obama-Pelosi-Reid tax hike plan. Read more: atr.org

To: Follies who wrote (88127)	7/28/2010 10:50:24 AM
From: FJB	2 Recommendations Respond to of 224738

Effort to eliminate onerous tax reporting from Obamacare Rick Moran The tax reporting requirement in Obamacare that will cause American businesses to file perhaps millions of addition 1099 forms is under attack by Republicans and may be excised from the bill by the time it becomes mandatory in 2012. The requirement is for businesses who previously only had to report services performed by other companies valued at $600 or more. The new reporting procedure now requires not only services be listed but also goods purchased. Hence, if a company spends more than $600 on stationary, they must use the 1099 to report it. The potential for a massive increase in the paperwork burden is great. Hence, the GOP has already plotted to repeal the requirement: Sen. Mike Johanns (R-Neb.) this week continued his push to eliminate a controversial tax-reporting provision of the new healthcare reform law, vowing to offer his repeal bill at every turn. "I will file this amendment on every viable vehicle that comes to the Senate floor," Johanns said Monday at a healthcare forum hosted by the U.S. Chamber of Commerce. "Sooner or later, we'll get a vote and we'll see who stands with our job creators and who does not." [...] Conservatives on Capitol Hill have joined many in the business community in slamming the provision, arguing that it will hobble small businesses with onerous new paperwork mandates amid a fragile economy when the resources would be better spent hiring new workers. "The most routine business expenses will be subject to this new burdensome paper trail," Johanns said Monday. "This mandate has nothing to do with improving the healthcare of this country and should not be part of this law or any other." What does it say about an administration more concerned with trying to keep track of the minutia of businesses rather than job creation? americanthinker.com

To: Follies who wrote (88127)	7/31/2010 11:59:41 AM
From: FJB	1 Recommendation Respond to of 224738

Paperwork nightmare: A struggle to fix new law Buried in paperwork: Congress struggles to fix tax requirement that could swamp businesses Stephen Ohlemacher, Associated Press Writer, On Saturday July 31, 2010, 11:45 am WASHINGTON (AP) -- Tucked into the new health care law is a requirement that could become a paperwork nightmare for nearly 40 million businesses. They must file tax forms for every vendor that sells them more than $600 in goods. The goal is to prevent vendors from underreporting their income to the Internal Revenue Service. The government must think vendors are omitting a lot because the filing requirement is estimated to bring in $19 billion over the next decade. Business groups say it will swamp their members in paperwork, and Congress is listening. Democrats and Republicans want to repeal it, but getting them to work together on the issue is proving difficult in an election year. The House rejected a bill Friday that would have repealed the provision. The two parties disagreed on how to make up the lost revenue. "This foolish policy hammers our business community when we should be supporting their job growth," Sen. Mike Johanns of Nebraska said in the Republicans' weekly radio and Internet address Saturday. "It's only one example of how the administration's promise to support small businesses really rings hollow." Democrats blamed Republicans for Friday's failure. "Despite all of their rhetoric about the need to eliminate this reporting requirement, Republicans walked away from small businesses when it mattered most," said Rep. Sander Levin, D-Mich., chairman of the tax-writing House Ways and Means Committee. Businesses already must file Form 1099s with the IRS when they purchase more than $600 in services from a vendor in a year. The new provision would extend the requirement to the purchase of goods, starting in 2012. The requirement would hit about 38 million businesses, charities and tax-exempt organizations, many of them small businesses already swamped by government paperwork, according to a recent report by the National Taxpayer Advocate. It would also create an avalanche of paperwork that could strain the IRS itself, wrote the advocate, an independent watchdog within the IRS. Businesses that repeatedly make small purchases from the same vendor would have to keep good records in case the total exceeded $600 in a year. Companies would also have to get vendors' tax identification numbers to include in the filings. "Tax paperwork and compliance are already major expenses for small businesses," a coalition of 80 business groups recently wrote lawmakers. "This new and expanded requirement means that almost every business-to-business transaction is potentially reportable to the IRS." Republicans want to repeal the filing requirement and pay for it by changing other parts of the new health care law, a strategy that Democratic leaders won't support. Democrats want to repeal the filing requirement and pay for it by raising taxes on international corporations and limiting taxpayers' ability to use special trusts to avoid gifts taxes. Republicans won't support that. The House rejected the Democratic bill Friday after Democratic leaders brought it up under a procedure that requires a two-thirds majority for approval. The vote was 241-154, with nearly all Democrats voting in favor of the bill and nearly all Republicans opposed. Johanns has been working to repeal the filing requirement in the Senate, with similar results. Online: National Taxpayer Advocate: irs.gov

To: Follies who wrote (88127)	9/17/2010 10:59:01 AM
From: FJB	3 Recommendations Respond to of 224738

The Barack Obama Death to Small Business Tax Reporting Act of 2010 will stand. Senate Democrats refuse to repeal Obamacare's onerous 1099 reporting requirement Senate Democrats successfully defeated an amendment offered by Senator Mike Johanns (R-Neb) that would have repealed an Obamacare provision which requires all businesses to file Form 1099 with the IRS for every vendor that sells them more than $600 in goods. President Obama insists the reporting provision is necessary to ensure compliance with our tax laws. Business groups, and anyone with even an ounce of common sense, have pointed out that it is a regulatory nightmare. Think about a midsized trucking company. The back office would have to collect hundreds of thousands of receipts from every gas station where its drivers filled up and figure out where it spent more than $600 that year. Then it would also need to match those payments to the stations' corporate parents. See, this is what happens when you hire a bunch of academics who've never worked a real job in their lives and put them in charge of our economy. They say they're out to help small business, but the reality is quite different. Just remember, when you vote for a Democrat this November, you are voting for shit like this. Or, you can wise up and throw the bums out. By putting the Democrats out of a job you just might encourage businesses to start hiring again, which of course would do more to improve our economy than anything Barry and his rubber-stamp Congress has done. wyblog.us