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Senate Proceeding on Apr 5th, 2011 :: 1:29:35 to 1:32:20
Total video length: 2 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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Orrin Hatch

1:29:31 to 1:29:52( Edit History Discussion )

Orrin Hatch: a senator: mr. president? the presiding officer: the senator from utah. mr. hatch: mr. president, today we will vote on the menendez amendment and then on senator johanns amendment to repeal the 1099 tax increase provision from the health spending law and the small business law. as you know, the health spending law was enacted a little over a year ago.

Orrin Hatch

1:29:35 to 1:32:20( Edit History Discussion )
Speech By: Orrin Hatch

Orrin Hatch

1:29:53 to 1:30:13( Edit History Discussion )

Orrin Hatch: we already here are trying to undo some of the damage this massive law has imposed on small businesses. we've heard from small business owner after small business owner that was shocked and frustrated to learn that the 1099 provision in the health spending law would require small businesses to send out a much larger number of i.s.

Orrin Hatch

1:30:14 to 1:30:36( Edit History Discussion )

Orrin Hatch: form 1099's. this provision was counterproductive. it was a counterproductivive assault on businesses. it was unleashed for one reason, to provide the dollars to pay for $2.6 trillion in new spending. in other words, to try and back up that spending. just to be clear, this is what this provision requires:

Orrin Hatch

1:30:37 to 1:30:57( Edit History Discussion )

Orrin Hatch: starting on january 1, 2012, if a business pays at least $600 in total in one year to a single payee, that business must send an i.r.s. form 1099 to the i.r.s. as well as to that payee. since businesses frequently pay at least $600 in one year to all kinds of different payees, this means the health spending law has created an enormous

Orrin Hatch

1:30:58 to 1:31:19( Edit History Discussion )

Orrin Hatch: paperwork burden on our businesses, including many small businesses. this is exactly the kind of burden that small businesses do not need to face at this time. when we are still facing unemployment at 8.8% and small businesses create 70% of new jobs in this country. the national federation of independent businesses whose membership is made up of small

Orrin Hatch

1:31:20 to 1:31:41( Edit History Discussion )

Orrin Hatch: businesses hit the nail on the head in its april 4, 2011 letter, about this provision. this is what they had to say -- quote -- "we are writing to urge to you support h.r. 4, the comprehensive 1099 taxpayer protection and repayment exchange subsidy overpayments abg of 2011 and to oppose the menendez amendment.

Orrin Hatch

1:31:42 to 1:32:02( Edit History Discussion )

Orrin Hatch: passing h.r. 4 without any amendments is the best way to finally repeal the expanded form 1099 requirements included in the patient protection and affordable care act. tax paperwork and compliance are already major expenses for small businesses, and the new reporting requirements included in ppaca will substantially increase these costs.

Orrin Hatch

1:32:03 to 1:32:21( Edit History Discussion )

Orrin Hatch: the new paperwork mandate will require businesses to track and report to the i.r.s. most business-to-business transactions above $600 in a calendar year. for many businesses this could amount to hundreds, if not thousands, of new reportable transactions which involve

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