Cole Praises Repeal of Obamacare Tax Form Provision
WASHINGTON, D.C. – Rep. Tom Cole (OK-04) released the following statement after the House approved H.R. 4 – Small Business Paperwork Mandate Elimination Act of 2011. The legislation repeals a burdensome provision of Obamacare requiring small businesses and rental property owners to file an IRS Form-1099 for any vendor with which they have more than $600 in yearly transactions. The bill reduces the deficit by $166 million in the first 10 years, cuts federal spending by $20 billion over ten years and reduces taxes by $19.7 billion:
"The 1099 provision is a perfect example of the many ways President Obama's economic policies burden small businesses and stifle job growth. I've received numerous complaints from Oklahomans about the cost increases and paperwork headaches created by this onerous Obamacare regulation. Repealing it will remove a significant barrier to economic growth and job creation."