The House approved a measure that would repeal an unpopular provision in the healthcare reform law that would force businesses to file 1099 tax-reporting forms for payments of $600 or more, according to a report by the Washington Post.
All present Republicans and 76 Democrats voted in favor of repealing the unpopular 1099 provision while 112 Democrats opposed the bill. The Democrat-controlled Senate also voted to repeal the provision last month but had a different way to pay for the funds lost by repealing the provision.
The 1099 provision would raise an estimated $22 billion in funds over 10 years to implement reforms. The GOP-led measure would make up funding by forcing greater repayment of health insurance subsidies for families whose income exceeds certain thresholds, while the Democratic-sponsored version would use untapped federal funds to pay for the repeal.
Read the Washington Post report on healthcare reform.
Read more coverage on repealing the 1099 provision:
- Senate Quashes Repeal, Then Votes to End Tax-Reporting Requirement
- GOP-Controlled House Launches Repeal Effort
- New Bill Would Repeal Tax-Reporting Mandate in Reform Law
All present Republicans and 76 Democrats voted in favor of repealing the unpopular 1099 provision while 112 Democrats opposed the bill. The Democrat-controlled Senate also voted to repeal the provision last month but had a different way to pay for the funds lost by repealing the provision.
The 1099 provision would raise an estimated $22 billion in funds over 10 years to implement reforms. The GOP-led measure would make up funding by forcing greater repayment of health insurance subsidies for families whose income exceeds certain thresholds, while the Democratic-sponsored version would use untapped federal funds to pay for the repeal.
Read the Washington Post report on healthcare reform.
Read more coverage on repealing the 1099 provision:
- Senate Quashes Repeal, Then Votes to End Tax-Reporting Requirement
- GOP-Controlled House Launches Repeal Effort
- New Bill Would Repeal Tax-Reporting Mandate in Reform Law