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Straight Talk:1099 Repeal Now Law,Congress Passes Long-Term FY11 Budget Resolution,House Passes FY12

Monday, April 18, 2011  
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Weekly Update from Chairman Sam Graves
Click here to read it on the House Committee on Small Business' website.

Weekly Update from Sam

Dear Friends,

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.

The 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.

I 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.

Best regards,

Sam Graves

Latest Committee Action

On 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.

On 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

On 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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