Friday morning House Democrats introduced H.R. 5982, the Small Business Tax Relief Act of 2010, scheduled to be on the floor Friday under suspension of the rules. The bill includes a provision that would repeal Sec. 9006 of PPACA (Obamacare) that required all businesses to file a 1099 form to the IRS for every transaction over $600. This burdensome reporting requirement was projected to raise taxes on small businesses by $19.2 billion dollars.
Democrats admit that their bill went too far. The overwhelming outcry from the public and small business, already reeling from the effects of the Obama agenda, has pushed Congressional Democrats to consider repealing the new 1099 requirement on small businesses.
Just months after passage, Democrats have begun to realize the flaws of Obamacare and beginning to roll back its onerous requirements.