ObamaCare actually says they are going to start enforcing a rule that says that every single transaction you engage in as a business or dealing with a business, if you buy something or sell something, must generate a 1099 form. It applies to purchases over $600.
Why is that significant? Because, an awfully lot of small businesses will have to generate tens of thousands of these forms. Why? Because the IRS is going to try to chase down a few dollars in income taxes that aren’t be paid by people who don’t declare them.
It’s an absolutely insane level of regulation. It’s going to create more bureaucracy and more cost than the money that it generates for the American treasury.
It’s time to repeal it as soon as Republicans take control again of the U.S. Congress.