Political Quotes

“I rise today to speak about something I think is enormously important in terms of our businesses and job creation. There are many unintended consequences contained in the health care bill that was recently passed, but I think one of the most egregious is the effect on small businesses that are, by all agreement, the engine of our economic growth. In fact, various analyses have been done, and they conclude that 65 percent of the new jobs created come from the small business engine in our Nation. Section 9006 of the new health care law will have a profound impact on small businesses in Nebraska--but not just Nebraska, across this great Nation. Beginning in 2012, if a business purchases more than $600 of goods from another business, it will be required to provide the business and the Internal Revenue Service a 1099 tax form. Previously, such disclosures were only required for the purchase of services. Now routine business expenses will be subject to an increased paperwork burden at tax time. Let me give some examples of the impact that is going to have. Think about the phone costs for that small business, Internet, simple office products, even the cost of shipping goods from point A to point B now are going to generate this requirement of a 1099 tax form. Back in my State what that means is, if a rancher buys $100 worth of feed every month, then that rancher is going to have to submit a 1099 to the feed store and then file it with the IRS.”