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URGENT CALL TO ACTION: House Committee Passes HR 4 & HR 704 - 1099Repeal - Now up to Full House to Act!



 
 
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Old February 19th 11, 01:46 PM posted to rec.collecting.coins
Nick Pyle
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Posts: 15
Default URGENT CALL TO ACTION: House Committee Passes HR 4 & HR 704 - 1099Repeal - Now up to Full House to Act!

Your Action is Needed: Contact your Congressman and urge them to
support the Camp and Lundgren Bills (H.R. 4 & H.R. 704). Go to www.house.gov
to find your Members of Congress and their websites. The Capitol
switchboard TELEPHONE number is 202-224-3121.

The House Ways and Means Committee Thursday marked up and reported two
bills to undo the 1099 provision. The first, from Rep. Dan Lungren, R-
Calif., would repeal the statute without covering the estimated $17
billion in savings. The second, from Chairman Dave Camp, R-Mich.,
would cover the cost of undoing the provision by reclaiming more
insurance exchange subsidies from low-income people who ultimately
misreport their annual earnings.

Earlier this month, the Senate voted 81-17 to repeal the 1099
provision and pay for the cost by directing the Office of Management
and Budget to rescind unobligated federal funds.

The pay-for included in Camp’s bill is a nonstarter for Democrats, who
couched the legislative language as voting for a “massive tax
increase” on middle-class Americans. Camp’s bill would require those
making 400 percent of the federal poverty limit to pay back the entire
insurance subsidy they received if, over the course of a year, their
income exceeds the 400 percent threshold. The insurance exchange
subsidies are paid through the Treasury Department directly to
insurance companies.

“Refunding the government the entire tax credit would cause tremendous
hardship for families,” said Rep. Joe Crowley, D-N.Y. “The revenue
from the Republican amendment comes from people who are not gaming the
system,” he said, but experiencing the “normal fluctuations” of income
that individuals who qualify for the exchanges might have in the first
place.

Crowley offered an amendment to Camp’s bill that failed on a party-
line vote; it would exempt taxpayers making 500 percent of the federal
poverty line or lower -- about $111,000 for a family of four -- if
reclaiming the subsidy would increase the person’s tax liability.
Camp said the legislation was not a tax increase, and pointed out that
Democrats approved a similar pay-for on the yearlong Medicare “doc
fix” bill that passed at the end of last year. That bill required full
repayment of subsidies from people making 500 percent of the federal
poverty line or above. “This is essentially the same provision that
Democrats used to pay for the SGR [sustainable growth rate],” said
Camp. “Neither of them are a tax increase. These are taxpayer dollars
people are receiving to which
they are not entitled. This is about taxpayer protection.” Camp’s
legislation would also undo a similar 1099 reporting requirement for
real-estate income included in a small-business lending bill passed
last year.

Rep. Ron Kind, D-Wis., called for the committee to get serious about
repealing the 1099 provision and follow the Senate’s lead.
“Why don’t we look at what the Senate did?” asked Kind. “Typically
around here, if the Senate agrees on something with 81 votes, it is
tough to move them off that.” The hearing began with a philosophical
discussion of tax avoidance and evasion. While Ways and Means ranking
member Sander Levin, D-Mich., said the 1099 tax provision was “very
poorly designed,” he and other Democrats emphasized the need to
increase compliance with tax laws. Camp said he was “very interested
in fundamental tax reform,” but said
the markup focused on the 1099 provision.

Unless this section of the health care law is repealed, coin currency
and precious metals sellers across the nation will be subjected to the
folly of data collection and information filing of IRS form 1099 on
virtually all business-to-business and business-to-person transactions
they make aggregating $600 or more in a year. Specifically, the
provision would require any firm to file a 1099 form with each
business or individual from which it purchases more than $600 in goods
or services. The new requirement will take effect in 2012 unless it is
repealed with reports due out in January 2013.

Numismatists United for Political Action (NUPA) is a grassroots
organization with a mission to educate and inspire the coin collecting
community to stand up and be heard in Washington. To learn more about
NUPA and join (its free) our grassroots outreach visit:

http://groups.google.com/group/coincollectorsunited
Nicholas Pyle, Coordinator
Numismatists United for Political Action (NUPA)
Post Office Box 25001
Georgetown Station
Washington, DC 20027-8001

http://groups.google.com/group/coincollectorsunited
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