1099 repeal

[luke]

the attempt by Sen Baucus to have "cumbersome" new 1099 rules repealed was REJECTED by US Senate on monday (as was other bill introduced to do same thing)
So as of now new FORM 1099 rules are still in place in 2012!

[BHoffman]

the attempt by Sen Baucus to have "cumbersome" new 1099 rules repealed was REJECTED by US Senate on monday (as was other bill introduced to do same thing)
So as of now new FORM 1099 rules are still in place in 2012!

One battle lost, but the war rages on I think this issue will be reserved for the new Congress so that it's members can take the credit. The lame ducks have nothing to gain.

[JohnH]

This was just another trial balloon. No use voting until the nebies arrive, because the ones leaving don't have any political capital to trade. The kabuki dance will begin in earnest come January. There will be lots of votes to be traded and campaign contributions to be collected before this lucrative gem gets finalized.

[solomon]

This amendment to remove PL 111-148 Sec. 9006 was added to the FDA Food Safety Modernization Act by Senate Finance Committee Chair Max Baucus (D-Mont.). A similar amendment has been offered by Sen. Mike Johanns (R-Neb.)

[luke]

both

voted DOWN Monday...

[solomon]

voted DOWN Monday...

True, because an impossible 67 votes were required because of suspension of the rules. Bacus amendment 53-44 and the Johanns amendment 61-35.

Virtually all agree to amend but the hang-up is how to pay for it. Bacus offered no way to pay at all. Johanns at least had a method for payment.

[JohnH]

Easy - just tack on another $50 to a late-filing penalty or two and then project enough late filers to produce sufficient revenue to "pay for it". Problem solved.

[solomon]

Easy - just tack on another $50 to a late-filing penalty or two and then project enough late filers to produce sufficient revenue to "pay for it". Problem solved.

Not quite. The penalty was already doubled in 111-240.

[taxea]

One battle lost, but the war rages on I think this issue will be reserved for the new Congress so that it's members can take the credit. The lame ducks have nothing to gain.

I agree, unfortunately we have to wait until Jan for it to happen. I suspect it is going to be just like the Bush tax cuts....wait til the last minute....and then give it to a committee to make a decision!!

Are you Obama voters embarrassed yet?!!!

[newbie]

I'm still thankful Palin's nowhere near the Whitehouse!!! Let her run you'll have Obama back for another 4 years. LOL!!!