Jackson Jambalaya

Why would Democrats worry about this? None of them work, much less own a business.

I am Democrat who has been self employed my whole life. (Paul, that means I work.) I have always issued 1099s to any entity to whom I paid more than $600, except for tax exempt organizations and corporations. As I read the bill, the only change is that now I would send also to corporations. Is that correct?

If so, what's the big deal? Corporations were supposed to report that income anyway. Maybe some of them have not been. This is just another check to be sure everyone pays their fair share of taxes.

Spend more than 600 a year on ATT? 1099. Plane tickets? Send Delta a 1099. Christmas dinner for your employees at a restaurant? 1099. Everyone business you spend more than six hundred dollars a year, even office supplies at Office Depot, 1099. Don't see a burden of paperwork for the small business developing?

Casey Ann the Obamapologist to the rescue!

Will you buy my lunch today Casey Ann?

Casey Ann doesn't get it, Kingfish, but she will though soon enough. I bet she spends more than $600 a year for coffee, cremora, and sugar for her office. 1099 to Kroger or Walmart?

1099s are already a pain in the ass to prepare. This will just make it much worse.

When a majority of voting Americans are ignorant enough to elect a man who has never even successfully ran a lemonade stand (much less a real business), a man who was bouncing his credit card two democratic conventions prior to running for President (i.e. can’t even run his own home), a man who admitted (through his wife) they couldn’t (or was it wouldn’t?) pay off their student loans (with two Harvard educated attorney’s in the same household), then should we really be surprised by this or any other idiotic like kind law???


Give the extreme leftists credit where due though; they damned well know how to win elections. Of course they don’t have to be real smart, just smarter than Republicans, which is not a tall order. With Dems against the wall after health care, Repubs are desperately seeking a way to snatch defeat from the jaws of victory this fall, and immigration and financial reform will most likely do the trick.

The way I'm reading it, Repubs are looking like "sour grapes"...they appear FOR the egregious greed on Wall Street. They are sowing the seeds of their own demise.

Anon 8:50, guess which political party gets the MOST money from Wall Street? And guess which President received so much from Goldman Sachs in campaign contributions that they were second only to a public university system in California?

Republicans in bed with Wall Street? You are NOT paying attention.

Seems trial lawyers and LLC's are about to reveal payments to medical providers and case runners.

Paul, you are a fool. Read my post. I said that the Repubs are not going to put themselves in a good position by not supporting the DEMS reigning in Wall Street. Don't change the subject.

Anon, I guess I am a fool, because the comment says, "The way I'm reading it, Repubs are looking like "sour grapes"...they appear FOR the egregious greed on Wall Street. They are sowing the seeds of their own demise."

I see no reference to any "good position" or anything like that. Man, reading is hard for me. How am I changing the subject?

If you think the Dem legislation 9:46 reigns in Wall Street then you are the fool, not Mitchell.

Even small businesses have tax accountants or they should.
Let's not pretend Mom and Pop are in the kitchen covered up with papers or that in the computer age, it's that hard to keep these records.
I'm for a tax code like Estonia's flat tax, but if we're going to have complexity to encourage or reward certain sectors, then the little guy is always at a disadvantage.

Trial lawyers @ LLCs alread have to do that.

All this does is set up the infrastructure for the inevitable VAT that's coming.

Bend over everyone.

10:07, the bending over has always been a part of our lives, with only the upper fifty percent paying for everything, but this kneeling crap is going to stop.

I am Democrat who has been self employed my whole life. (Paul, that means I work.) I have always issued 1099s to any entity to whom I paid more than $600, except for tax exempt organizations and corporations.

That is a lie. One way or the other it's a lie and intellectually dishonest to blindly support something using such a bold lie.

Imagine the 1099s that entities like Office Depot will receive and have to reconcile.

This 1099 reporting mandate has the distinction of being the first provision of the health care bill to be challenged in Congress. U.S. Rep. Daniel Lungren (R-CA) introduced legislation on April 26 to repeal this business reporting provision of the new health reform law, according to The Hill's "On the Money”blog on finance and the economy.

Lungren said that small businesses do not have the resources to comply with the reporting requirement, and called the provision a "rat tax" because it requires companies to report on the companies they do business with, The Hill reported.

According to Lungren, the IRS is awaiting instruction from the U.S. Department of Health and Human Services on how to enforce the reporting requirement, according to The Hill's "On the Money."

"[The IRS] told us that HHS is the one that is given the requirement to interpret this entire law," Lungren said. "That was an extraordinary response as far as I was concerned...I have never known HHS in the past to be responsible for interpreting tax law."

http://www.accountingweb.com/topic/tax/costly-changes-1099-reporting-health-care-bill

Sorry Paul, you are tool, not a fool. I stand corrected.

You tried to change the subject by introducing Obama got more money from Wall Street? WTF does that have to do with my statement? Maybe if I give you a list you can understand.

1. Republicans are going to be made to look bad b/c they are going to oppose everything at this point put forward, especially the Wall Street legislation.
2. Whether the reigning-in of Wall Street is effective or not, it is a big political win b/c public is sick of the greed.

In re: 9:53am's comment that the legislation is "naive" in its attempt, it is an ATTEMPT. Something is being done, I see ACTION being taken. Whether you agree or not, whether it is a true overhaul or not, I do believe that a lot of the SEC rules that were circumvented (I followed the GS debacle pretty closely) will be closed. That will help to prevent the "Too Big to Fail" and the GS gambling/fixing of financial products. And the Repubs are opposing it. Not participating. What does that look like in the media? The Repubs support Wall Street greed.

Anon 11:32, certainly stating facts regarding the topic at hand makes people look like tools. Sorry.

but, passing bad legislation by one particular party is a good thing right? Wow, you are definitely too smart to debate.

In case you have not noticed, people are SICK OF DEMOCRATS. Even Dumbassachusetts is sick of Democrats.

Tool

Make a point Paul. So Obama is supporting legislation AGAINST Wall Street who SUPPORTED him?

Is that your point?

Gag. Now we'll have to know an id # for everybody we do business with. I smell a rat. I guess to find out why I need to do this, the question I should ask is, WHO BENEFITS from this dumbass idea?

Against? He creates a slush fund so he won't need to get approval for any more bailouts and oh, NOTHING is done about the credit ratings agencies. That was one of the two main causes of this whole mess.

Just curious, what does this bill do about LEVERAGE LIMITS?

Oh, and Fannie Mae still has its blank check from New Year's Eve for unlimited backstopping.

Simple, bring back glass-steagall in its entirety and ban all of these off balance sheet vehicles. I should be able to look at a balance sheet and know exactly what is going on and let the market do the rest.

I take it back 2:48. You aren't a fool, you are an ignoramus.

Wow, this was a helpful debate. I will simply cut and paste all of the comments and send these to the KGB at tax time instead of those stupid 1099s.

3:33, what do propose that hardworking, taxpaying citizens do when the burden becomes more than they can survive? Do you work? If so, how will you feel when your position gets eliminated to help pay for this increased reporting burden for business owners?

For all you Repubs in favor of opening up off-shore drilling and sleeping with the Oil....enjoy your Red Fish. Thanks GW.

KF...you are right, when we really examine what happened under Bush, his "naive" administration didn't have the cognitive ability to understand the MIT grads products that created this mess, but I do wonder if they understood the simple undertakings by GS execs in the commodities markets that removed a lot of the protections of gl-spi by MEMO. And I wonder why Paul finds it a R/D issue. If he really did take the time to read, he might understand what we are talking about. And that includes the "ignoramus" fool/tool (can this person actually add something to the conversation?) that thinks he knows something. I've seen nothing from him except a fine addition to my vocabulary to throw up epithets.

KK, there was not one single Republican that voted for the bill. So, it is clearly a partisan issue. That is why I do not understand why you would think that it is not.

Paul, you bring up party, when the issue at hand I brought up was that the Repubs are just digging a deeper ditch. The hopes this fall are just that; Hopes. At some point, as was under GWII, there has to be a compromise. Look, nobody likes the situation we are in. I cannot believe that neither party is at real fault. Its the problem of status quo and the Repubs should find an inroad into compromise. AND INTELLIGENCE. Its not an all or nothing game, its a give and take, all I see is all or nothing out the Repubs. As a marketer, its a foolish position to take. Strategically, they are setting themselves up for 8 years. I'm not one or the other BTW, I'm me. I'll take up for what I, did I mention, I believe. So, politics aside, I see dysfunction and for the last eight years it was a bit over the top with the leadership. Secrecy, heavy handiness, greed. I don't profess the answers and I don't agree with folks that stick their head in the ground and refuse to move on common sense. Its me, the Kangaroo, or as I enjoy the official introduction....

"some guy sitting on the couch in his underwear watching Captain Kangaroo...."

I tried to find the original reference, but i got tired. KF was close. I was naked.

KK, for some reason I do not think this is about the "healthcare" law anymore, so I shall bow out. I have already received one warning about getting off topic. All of my comments above were on the topic of 1099s required for any expense over 600 bucks. Since the law is solely in the hands of the Democrat Party, I have no other way to address it. There is no one else to blame.