For the $14 trillion U.S. economy, that’s a hell of a lot of 1099s. When a business buys a $1,000 used car, it will have to gather information on the seller and mail 1099s to the seller and the IRS. When a small shop owner pays her rent, she will have to send a 1099 to the landlord and IRS. Recipients of the vast flood of these forms will have to match them with existing accounting records. There will be huge numbers of errors and mismatches, which will probably generate many costly battles with the IRS. …
Private transactions are the core of a market economy, and the source of America’s growth and prosperity. Now the federal government is imposing a vast new web of red tape on perhaps billions of these growth-generating private exchanges.
Saw a article that said this bill would create 159, commissions, committees, and test programs. Forgot where it came from but was not surprised. The real devil is in the details.
ReplyDeleteIs the tea party or related organizations going to have a booth at eh next Perrysburg street fair?
ReplyDeleteNoticed that the Democrats had one last time.