Sorry, I do support this level of reporting. When you have BP making billions of dollars but paying zero in US taxes there is a scam. BP's income = 10% of the entire individual US tax base. With this level of reporting BP can be taxed directly for the amounts generated in US activity.
Here is the CNN link: http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/?hpt=C2
I ask my accountant what he thought of this new provision. He laughed and said ââ¦They snuck this in so they can prep the USA for the VAT tax. This is how they intend to find out what is taxable. I predict that the VAT is coming shortly to pay for all the entitlements they intend to push through congress. Soon we will do what they all do in Europe. We will take the economy underground or to the black market and also go back to bartering. Half of each of the economies in Europe are now a black market trying to escape the VATâ¦â
Does this mean that I (i.e., my trading LLC) will have to send 1099s to my brokers for all the commissions I paid?
If the Dems try to push for a VAT.........bye bye Democratic Party. It will take 10 years to recover from that. I agree that this is a small business nightmare. Actually, it's a large business nightmare as well. There will be significant pieces of this legislation that are completely shit canned in 2011 and 2013 after the next two elections and Obama is unemployed.
I can't believe pocketchange's posts only drew one response. Those posts may quite possibly be the most asinine things I've ever read on the internet.
âA new value-added tax (VAT) is "on the table" to help the U.S. address its fiscal liabilities, House Speaker Nancy Pelosi (D-Calif.) said Monday night. Pelosi, appearing on PBS's "The Charlie Rose Show" asserted that "it's fair to look at" the VAT as part of an overhaul of the nation's tax code. "I would say, Put everything on the table and subject it to the scrutiny that it deserves," Pelosi told Rose when asked if the VAT has any appeal to her. The VAT is a tax on manufacturers at each stage of production on the amount of value an additional producer adds to a product. Pelosi argued that the VAT would level the playing field between U.S. and foreign manufacturers, the latter of which do not have pension and healthcare costs included in the price of their goods because their governments provide those services, financed by similar taxes. "They get a tax off of that and they use that money to pay the healthcare for their own workers," Pelosi said, using the example of auto manufacturers. "So their cars coming into our country don't have a healthcare component cost. "Somewhere along the way, a value-added tax plays into this. Of course, we want to take down the healthcare cost, that's one part of it," the Speaker added. "But in the scheme of things, I think it's fair look at a value- added tax as well." Pelosi said that any new taxes would come after the Congress finishes the healthcare debate consuming most lawmakers' time, and that it may come as part of a larger overhaul to the tax code. The Speaker also emphasized that any reworking of the tax code would not result in an increase in taxes on middle-class Americans.â http://thehill.com/blogs/blog-briefing-room/news/61783-pelosi-says-new-tax-is-on-the-table
PC, I see now you have an agenda against BP or COP and all the small companies that are trying to make it....They are taxed, obamacare tax and now this shit. You support this massive paperwork and reporting to the guberment? Do you have any experience in PLM or the business? Do you understand tax credit's? Do you understand that the the world runs on petro (for now) and the world and guberment wants to exploit as much as possible to meet our needs? To claim that BP revenues are 10% of the tax receipt of the "public" is insane. That shows you have no idea either on tax receipts or accounting. You are a typical liberal dem who wants full control of peep's lives and wants to tell them what to do. If they even try a VAT tax, it's all over. Dem's are toast...look at Greece.