Dear Congressmen Camp and Lungren,

On behalf of more than 1.7 million Americans for Prosperity activists in all 50 states, I write to applaud your efforts to repeal the onerous 1099-MISC reporting requirements created in ObamaCare and TARP III. Your bills, H.R. 4 and H.R. 705, demonstrate that it is possible for Congress to understand the real-world impact of the legislation they enact. The rush during ObamaCare to find a “pay for” to its true fiscal impact is the reason your legislation is necessary at all.

It is imperative that while the country struggles to emerge from the recession that Congress does not make that task more difficult. All legislation and regulation must be viewed through the lens of whether it supports or hinders real, sustainable, private sector job growth. The 1099 reporting requirements were a thoughtless and bureaucratic response to ObamaCare advocates’ call for higher taxation. However, these bureaucrats are isolated from the impact that these requirements would have on corporations, small businesses, non-profits and the average worker. The requirements would cost the average small business thousands of dollars, greatly increase tax code compliance paperwork and hinder their ability to hire more workers.

Your bills also contain a commonsense way to make sure this repeal does not result in a net tax increase or grow the budget deficit. You protect taxpayers by reforming the recapture process for the refundable tax credit (IRC § 36B) for coverage under a qualified health plan, fully recapturing overpayments for ineligible recipients and increasing the recapture formula for eligible but overpaid recipients. According to Americans for Tax Reform, this reform will reduce spending by $19.9 billion, and the final bill with result in a net tax reduction of $19.7 billion. Your surety that the bills ease the tax compliance burden while offsetting the lower revenue by trimming unauthorized spending is a responsible approach to the 1099 repeal.

Americans for Prosperity is proud to support your legislation, I urge your colleagues to support its passage and I look forward to working with you in the future.

Sincerely,

James Valvo
Director of Government Affairs
Americans for Prosperity

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.