Looks like the liberal media is finally ready to report some truths about ObamaCare. Too bad they’re a little too late on reporting the hidden consequences of the unread law called the Patient Protection and Affordable Care Act, know to most as ObamaCare.
NEW YORK (CNNMoney.com) — An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork.
Section 9006 of the health care bill — just a few lines buried in the 2,409-page document — mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.
The stealth change radically alters the nature of 1099s and means businesses will have to issue millions of new tax documents each year.
Right now, the IRS Form 1099 is used to document income for individual workers other than wages and salaries. Freelancers receive them each year from their clients, and businesses issue them to the independent contractors they hire.
But under the new rules, if a freelance designer buys a new iMac from the Apple Store, they’ll have to send Apple a 1099. A laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases.
Then you add all the extra taxes, higher insurance premiums and medical costs (as the Chief Actuary, Richard Foster’s report tells us) to learn that ObamaCare was sold to Americans based on lies and more lies.
Maybe the Taxpayers can ask Obama for one of the 733 healthcare waivers he’s issued to big corporations and his union goons?