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 wide margin that Obama would not veto it for fear of having his veto overridden by Congress, a very embarrassing development for presidents.
H.R. 4, officially titled The Small Business Paperwork Mandate Elimination Act of 2011, would strip the onerous 1099 reporting from Obama’s healthcare legislation. Now, pressure must be put on the Senate has to pass a similar bill, which will not be easy.
Senate Majority Leader Harry Reid opposes repeal. (To Harry Reid, you cannot have too much government.) Further, last year the House passed this bill, but the Senate couldn’t agree on a final version before the year ended.
Despite there being no companion bill yet introduced in the Senate, now is the time to let your Senators know you support complete repeal of 1099 reporting as required in Obama’s healthcare legislation. Start applying pressure immediately. Simply let your senators know you favor repealing 1099 reporting. They will know what you mean. It’s a hot topic in on Capitol Hill.
You can go to your Senators’ website and use their Contact feature through which you can send emails; you can fax them (Their fax numbers can be found on their sites); you can call them (Their phone numbers can be found on their websites.) Better yet, join DownsizeDC and use their Educate the Powerful system to have your voice heard in DC.
After joining DownsizeDC, you can contact your member of the House and both senators with one quick email on a myriad of topics on which DownsizeDC is pressuring Congress. Of interest to gold and silver investors should be Ron Paul’s “Free Competition in Currency Act” (HR 4248), which would
1) repeal the legal tender law, which gives the Federal Reserve a monopoly over the money supply;
2) repeal United States government’s monopoly over the creation of coins for use as currency;
3) prohibit federal and state taxes, such as capital gains, on precious metal coins and bullion.
DownsizeDC also thinks that auditing the Fed is a good idea. (Actually, I suspect that DownsizeDC thinks that getting rid of the Fed is a good idea, but they work on bills before Congress, such as the H.R. 4.)
Learn more about DownsizeDC here.
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