Straight Talk:1099 Repeal Now Law,Congress Passes Long-Term FY11 Budget Resolution,House Passes FY12
Monday, April 18, 2011
Weekly Update from Chairman Sam Graves
Click here to read it on the House Committee on Small Business' website.
|Weekly Update from Sam
On Thursday, President Obama
signed the 1099 repeal legislation into law. The 1099 reporting
provision was originally added to ObamaCare in order to help close the
so-called tax gap by generating revenue to pay for the law. But this
reckless and costly mandate would have killed jobs and placed yet
another burden on the backs of small business, so I applaud the
President’s decision to repeal this burdensome paperwork mandate.
Small Business Committee held a hearing on the 1099 mandate in February
to push for its repeal. We heard firsthand from small business owners
about the negative effects the mandate would have on job creation and
business growth. If small businesses are negatively affected, so will
our economy and unemployment rate. It is imperative that Congress do
everything possible to cut the red tape and get government out of the
way. Only then will we see small businesses and our economy thrive.
am very pleased that small businesses can breathe a sigh of relief
instead of worrying about how to comply with another costly government
regulation. Click here to read more on the 1099 repeal.
Latest Committee Action
Wednesday, the House Small Business Committee held a full committee
hearing to examine the complexity of the current tax code and find
solutions that will enable small businesses to flourish instead of being
crippled by unnecessary burdens. Our current tax code is too complex,
too costly and in dire need of reform. We also must ensure that any tax
reform plan includes individual as well as corporate tax reform, since
the majority of small firms are 'pass through' entities that are subject
to individual rates.Click here to read more about this hearing.
Thursday, Congressman Scott Tipton (R-CO), Chairman of the House Small
Business Subcommittee on Agriculture, Energy and Trade, held a hearing
to highlight the devastating effects of high fuel prices on small
business and the vital need for an ‘all-of-the-above’ energy approach to
ease this cost burden on entrepreneurs.To read more about this hearing, including notable witness quotes, click here.
The House will be in recess for the next two weeks, starting April 18th.
News From Washington
Thursday, both the House and Senate passed a long-term budget
resolution to fund the government through the remainder of Fiscal Year
2011, which ends September 30th. After weeks of budget negotiations, I
am pleased the FY11 budget was resolved and included real spending cuts,
so now we can get to work on next year’s budget that will bring down
the debt, include even more spending reductions and provide certainty
for small businesses.
On Friday, the House passed
the Republican "Path to Prosperity” budget plan for Fiscal Year 2012. I
was pleased to vote for this plan that sets a fiscally responsible
course to get our debt under control and our economy moving in the right
direction. Washington spends too much, and it is past time that we
tighten our belts and make tough choices, just like American families
and small businesses are doing all across the country. I hope Senate
Majority Leader Harry Reid and the Obama administration will come to
understand that we cannot spend our way back to economic recovery.
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