In Case You Missed It
July 14, 2010
Today, Holly Robichaud of the Boston Herald says Jim Bender has "shed some light" on a hidden law in Obamacare that
is "bad for small business." Read the full story below.
NH Bender stands up for small businesses and slams Obamacare
Yesterday Jim Bender, Republican candidate for the U.S. Senate in New Hampshire, tried to shed some light on a little known piece of Obamacare that is bad for small business.
The new law will require businesses for file 1099 forms for any vendor transactions exceeding $600 per year. This is a lot of new paperwork. Bender states, “Can you imagine under this law a small shop owners will have to report their rent payments to the IRS? We need a government that taxes and regulates less.”
These new reporting requirements will add to the cost of doing business and slow down job growth. I usually file 3 or 4 1099 for my consulting business per year. Under this new law I could be filing as many as 40 to 50. It will cost me several days away from actually consulting. And what happens on the other end of this transaction? The IRS will add more and more employees. Yikes!
Jim Bender helps point out one more reason to repeal Obamacare.