Rep. Young Votes To Repeal Tax Burden On Small Businesses
March 3, 2011
Alaskan Congressman Don Young voted yes today on H.R. 4, The Small Business Paperwork Mandate Elimination Act. H.R. 4 amends the Internal Revenue Code to repeal a provision that requires all businesses to report any transaction of $600 or more to the Internal Revenue Service, placing undue burden on small, family owned businesses. Additionally, it repeals 1099 reporting requirements for owners of rental properties. Rep. Young is also a cosponsor of this legislation.
“I’ve made it very clear that I think ObamaCare is bad policy for this country,” said Rep. Young. “Now we have the opportunity to start repealing this mandate on American taxpayers, piece by piece. This provision was one of the most worrisome due to the cost burden it would place on small business. It gives them yet another hoop to jump through, drowning them in paperwork and bureaucracy, and making it harder for them to grow. With the economy as stunted as it is, this provision only serves to hurt us more. We need to be encouraging prosperity in this country, not making it even harder to succeed!”
Of note, 76 Democrats voted in support of this measure.