Wednesday, May 12, 2010

Interesting IBD article on Obamacare

There has been a mountain of commentary on Obamacare, but this article in Investor's Business Daily has some really ugly facts I haven't seen before. For example:

"The law requires businesses to file a so-called "1099" tax form for any purchase from an individual or business that totals more than $600 a year. It's a new effort to catch tax cheats.

In the past, companies were required to file these forms to individuals such as unincorporated consultants. Under the new legislation, however, they must file a report for every purchase over $600. Just imagine: Companies will now have to send tax forms to Staples for a year's worth of office supplies, or to airlines when they buy tickets!"

I guess this is just one of the ways Democratic politicians have found to improve our healthcare.

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