On the recordNovember 17, 2010
Health Care Senator Barrasso was speaking earlier, talking about the health care legislation. One of the means of paying for part of the health care reform--you may recall the Congressional Budget Office has said health care reform is expected to actually reduce the budget deficit by about $100 billion over the next 10 years and by about another $1 trillion in the 10 years following that. Part of our challenge is to make sure we do that, that potential for deficit reduction is realized. One of the provisions in the health care bill calls for businesses, large and small, to submit form 1099s when they make a purchase of a service or a good from some other business. That can be an administrative burden for businesses. The reason it was put in the bill was because it is a big cash economy and there is a huge tax gap of money that is owed to the Treasury.
