Pete Stark: “The debate we're having today has nothing to do with repealing the 1099 provision. Like every Democrat here who was in…”

“The debate we're having today has nothing to do with repealing the 1099 provision. Like every Democrat here who was in Congress last year, I've already voted to do that. We brought forth a bill last year to repeal the 1099 provision and paid for it by closing tax loopholes that encourage businesses to move jobs overseas and other loopholes that promote tax avoidance. Even though that bill was endorsed by NFIB, all but two of our Republican colleagues voted no because they preferred to protect big business over small businesses. Because of Republican opposition last year, we're here again considering legislation to repeal the 1099 provision. Unfortunately, our Republican colleagues have taken an area of agreement and rejected bipartisanship by choosing to tax middle class families. That's right, this Republican bill is a $25 billion middle class tax increase. The Affordable Care Act provides tax credits to make health coverage affordable to those with lower and middle incomes. These tax credits are provided in advance and then are reconciled at the end of the year. In this bill today, Republicans are trying to raise $25 billion by putting middle class families on the hook for massive tax increases when they reconcile those payments. The Joint Committee on Taxation estimates that this Republican bill will raise taxes on middle class families in this income category by an average of $3,000. Many families would be liable for much higher tax increases.…”