Senate Republicans are seeking to scrap new tax reporting provisions in the health reform law that would raise $17 billion from businesses over 10 years, according to a report by Kaiser Health News.
Senate Democrats, hoping to placate small businesses, want to amend the unpopular provision rather than repeal it.
The provision, which begins in 2013, requires businesses to report purchases exceeding $600 to the Internal Revenue Service, allowing the IRS to better track the flow of money from one business to the next.
Federal actuaries estimate the requirement would raise some $17 billion over 10 years in taxes on income that contractors and others are currently paying.
Read the Kaiser Health News report on healthcare reform.
Read more about healthcare reform and taxes:
- 8 New Taxes Coming From ObamaCare
- Health Reform Rule Uses Health Insurance Executive Salary Taxes to Fund Medicare
Senate Democrats, hoping to placate small businesses, want to amend the unpopular provision rather than repeal it.
The provision, which begins in 2013, requires businesses to report purchases exceeding $600 to the Internal Revenue Service, allowing the IRS to better track the flow of money from one business to the next.
Federal actuaries estimate the requirement would raise some $17 billion over 10 years in taxes on income that contractors and others are currently paying.
Read the Kaiser Health News report on healthcare reform.
Read more about healthcare reform and taxes:
- 8 New Taxes Coming From ObamaCare
- Health Reform Rule Uses Health Insurance Executive Salary Taxes to Fund Medicare