Health Bill Floods Business in Paper | Michael D. Tanner | Cato Institute: Commentary

Health Bill Floods Business in Paper | Michael D. Tanner | Cato Institute: Commentary: "Section 9006(b)(1) — come on, I know you've read it — which requires that businesses provide a 1099 form to every vendor with whom they do more than $600 worth of business over the course of a year. A 1099 is similar to a W-2 form, but for income other than wages. Businesses will also have to file a copy of the form with the IRS."

"To pay your rent, you have to issue a 1099. Buy a new set of tools, issue another one. Software, office supplies, airline tickets, gas for your truck, they all could require filing a 1099 — and entail a huge new administrative burden.

The burden falls on the other partner in the transaction too. The business providing the goods and services would have to collect 1099s from all its customers and integrate them with the rest of its tax records."