Senate Blocks Repeal of Burdensome Tax-Filing Requirement on American BusinessesTuesday, November 30, 2010
Washington (AP) - The Senate on Monday rejected an effort to reduce tax-related paperwork for businesses when lawmakers couldn't agree on whether they would make up the revenue the new requirement was expected to produce.
The filing requirement is part of President Barack Obama's health care overhaul but not related to health care itself. It is expected to help the government collect an estimated $19 billion in taxes on underreported income over the next decade, and that revenue has been slated to help pay for changes in the health care system.
Under the new law, nearly 40 million U.S. businesses would start filing tax forms in 2012 for every vendor that sells them more than $600 in goods. Many Democrats who supported the filing requirement now acknowledge that it would create a paperwork nightmare, but whether to make up for the lost revenue has divided senators who agree it should be repealed.
Senators tried twice on Monday to amend an unrelated food safety bill to repeal the filing requirement. Both proposals, one by Sen. Max Baucus, D-Mont., and another by Sen. Mike Johanns, R-Neb., failed to get the necessary two-thirds majority.
IT IS NOT EVEN FUNNY ANYMORE.. MORE REASONS JUST TO CLOSES SHOP AND LET OTHERS CREATE JOBS FOR THE DWINDLING JOB OPPORTUNITIES. AND WE ARE GOING TO COMPETE WITH CHINA AND INDIA?