by In the most recent health care news, the White House is asking Congress to amend the finished health care overhaul. The Obama administration has gone as far as to urge senators to pull back on a tax reporting requirement that is currently part of the health care law.Currently, the law will require businesses to keep track of all cumulative purchases from vendors that total $600 or more in any one year. The idea behind this law was to raise revenue for the health care law. The business community has attacked this idea completely, complaining that it’s going to lead to a mountain of new paperwork in order to comply.The amendment being proposed by Sen. Bill Nelson (D-Fla.) would diminish the reporting requirements to only cumulative purchases of more than $5000 per year. It would also entirely exempt companies that have fewer than 25 employees. At this time, no Republicans have voiced support for the amendment.According to those in the know, the expanded 1099 reporting requirement is expected to be the first of many to get the ax. While the goal was that it would raise more than $17 billion in revenue, it has simply been opposed by too many business groups across the political spectrum to move forward.
