Looks Like the goverment is going to put most of us Out Of Bussiness

[Gary_C]

It looks like congress has take notice and will probably do something about the problem, sometime after they stop fighting over the details.

Paperwork nightmare: A struggle to fix new law

As some have noted, this new law would be an enormous cost to businesses and individuals and would most likely swamp the IRS computers with the paperwork overload. So unless something unexpected happens, forget that law, it's history as it should be.

But since the congress has already spent the estimated $19 billion this measure was expected to bring in, they are looking for some way to replace this money they will "lose." So hang on to your wallet, they are going to get that money fron somewhere else.   

I recall once when congress did something like this before. Years ago in a budget balancing bill, congress helped to balance the budget by changing the farmers exemption from federal tax on diesel fuel used off road for farming and force the farmers to pay the tax when purchased and then file quarterly refund requests. So in essence, congress intended to balance the budget that year by borrowing money from farmers for three plus months.

And then in the end, for the government to give up this new found money, they made a change in depreciation so as to raise their taxes. So this new thing will be gone soon, we just do not know what it will cost us yet.

Welcome to the world of government accounting. If our government was a business, they would be thrown in jail for fraud.

[junkhound]

It seems, that all of the above post are correct and valid. One overlooked detail of the increase in 1099's, is the governments payroll and equipment increases to handle all of this. Which will undoubtedly be larger than what the additional 1099's will bring in, so they will have to raise some other taxes to cover the increased payroll. IMO

Junkhound

[bandmiller2]

Mayby we should choose our represenitives the way the way jurors are chosen, for one term only, mayby some common sence for a change. Frank C.

[John S]

One term and no pension, let them steal as much as they can while still in office.

[just_sawing]

My opiare under attack and it is going to get worseon is that the small bussiness is a threat to union controlled large bussiness.