Stressing that the 1099 provision in the President’s health care law would mean “death by a thousand paper cuts” for jobs in the third district and across the nation, Rep. Scott Tipton voted today in favor of H.R. 4—repealing the onerous requirement and reducing federal spending by nearly $20 billion over the next decade.
Tipton, the chairman of the subcommittee on Agriculture, Energy and Trade of the House Small Business Committee, is an original co-sponsor of H.R. 4, which passed today in the House.
“Economic recovery starts with cutting spending, addressing overregulation, and removing hurdles for small business–like this onerous 1099 reporting mandate that forces small businesses to focus their precious resources on creating mountains of paperwork rather than creating and maintaining jobs,” Tipton said.
Prior to the passage of H.R. 4 by the House, NFIB Colorado Director Tony Gagliardi said, “Our NFIB/Colorado membership in the 3rd district are hoping Congress carries through on their promise to do the right thing for our thousands of small businesses. Repealing the 1099 requirement would give small business owners hope Congress and the Administration are serious in their efforts to help small business create the badly needed jobs.”
In addition to repealing the 1099 filing mandate that would force small businesses to file seperate1099 forms for even the most basic business expenses including internet, phone and office supplies, H.R. 4 saves taxpayers billions by protecting them from health care subsidy abuse and changes the way that subsidy overpayments are paid back—preventing waste. The total savings will amount to nearly $20 billion in federal spending over the next ten years and will reduce the deficit by $166 million during that time.
“We must seize every opportunity to eliminate waste and cut spending,” Tipton said. “Eliminating this onerous requirement on small business is a common sense step to get government out of the way of job creation and economic growth.”