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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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