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House Republican leadership is playing games with H.R. 4, which, as originally written, would eliminate 1099 reporting as imposed by Obama’s healthcare legislation. Despite H.R. 4 passing the House by a wide margin, 314-112, Republican leadership altered the bill so that it probably will not be suitable to the Senate, according to Jim Babka who
H.R. 4 passed the House by a vote of 314-112, which fairly much assures it would pass the House in a final vote. However, a companion bill must pass the Senate before Obama faces the unpleasant choice of whether or not to veto it. Ideally, the Senate needs to pass its version by such a
Gold and silver investors are concerned about the 1099 reporting that was slipped into Obama’s 2,400-page healthcare legislation, and rightfully so. The measure is invasive, burdensome and un-American. It should be repealed, and today there is a major step toward repeal. The House is expected to vote on a bill today to repeal the 1099
The move to repeal 1099 reporting that was buried in Obama’s health care bill suffered a setback with the defeat of S.3578, which would have repealed the law. However, H.R. 5141 is still alive in the House and has gained more cosponsors. The battle goes on.
New 1099 reporting rules buried in the Obama’s health care legislation — if they go into effect — will have a major negative impact on precious metals dealers and their clients. Just as bad, the new regulations will have a harmful impact on all businesses. Legislation has already been introduced to repeal them before they go into effect.
