House GOP to move quickly on healthcare 1099 tax repeal

The Hill
By Pete Kasperowicz - 01/13/11

Republicans signaled Wednesday that repealing a controversial tax provision in the healthcare law is one of their most pressing priorities.

House Republicans have renumbered the bill repealing the tax requirement as H.R. 4, signaling it will be one of their first pieces of business.

The bill would repeal language requiring companies, starting in 2012, to report all goods and services transactions valued at more than $600 to the IRS. Republicans and Democrats, and even the White House, have since said they support repealing this language, which would raise $19 billion over 10 years and was included to help pay for the healthcare law.

Rep. Dan Lungren (R-Calif.) had already introduced a so-called 1099 repeal bill, which was numbered H.R. 144. By bumping up that bill to H.R. 4, Republicans are making it clear that they will move this bill on an expedited basis. Traditionally, the House majority controls the first 10 bills in Congress (H.R. 1 through H.R. 10), and usually reserves those numbers for high-priority items.

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Sounds encouraging.

 

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how timely, I was just going to make a post to see if anyone knows of any updates on this.....good stuff...thanks!

 

yes excellent news thanks for sharing!!!

 

Great! I've been worried about getting hammered in taxes when I sell bullion.