From Chris Edwards at Cato on a little-known part of HR 3590:
Most people know about the individual mandate in the new health care bill, but the bill contained another mandate that could be far more costly.
A few wording changes to the tax code’s section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare.
…
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.
For what purpose? So the spendthrift Congress can shake a few extra bucks out of private industry? The business sector is the generator of America’s high living standards, but most federal legislators just see it as a kitty to be raided or a cow to be milked dry.
Read the whole post for details on the health control legislation and 1099s forms.
The Galen Institute reports that “Rep. Dan Lungren (R-CA) has come to the rescue with a beautifully simple bill (HR 5141) that repeals this ridiculous provision.”
(Via Red State via Matt Arnold. Video via Hot Air.)
