Surprise! Health Fascism Law Requires Reporting of $600 Transactions

Buried in the health care takeover legislation is a mandate that businesses report all payments that total $600 or more per year on Form 1099, even for purchases of goods. Currently, this is required only for things like contractor payments, interest and dividends.

The consequences of this mandate are widespread. Sell a Krugerand and you will be reported. Businesses will be choked with filling 1099s for vendors that include paper suppliers, caterers, plant maintenance, rent and utilities; all of whom must provide their taxpayer identification information or have 28% of the payment withheld for taxes. If there is an error in recording the information, the IRS will levy a fine. Individuals who casually provide goods and services as a hobby (not as a business) will be ensnared.  

The Wall Street Journal reports that "The IRS has announced that businesses wouldn't have to report payments made by credit card, as those payments will be picked up by a separate reporting regime."

Credit card reporting regime? Is this the financial spying instituted under the "financial reform" bill? The exemption for credit card transactions may be a form of political pay-off to the banks as credit card use will be incentivized. This would also drive up prices since credit card companies charge a fee, usually 5%, for each transaction. The new requirement may also be a predecessor to the VAT.

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Posted on: July 14, 2010 - 12:06am #1

This is totally insane.  Of course, what I think will also happen is that they will be making it harder and harder to carry cash at all.  Twice last year I requested cash from my demand account (checking) for around $5,000, and they could not deliver.  They tried to make me feel like I should have given them warning.  I said to them, this is bunk, you guys are bankrupt.  I told them that I wanted my money, and that if I didn't get it, I was going to tell everyone I knew that they were not an honest institution.  They couldn't come up with the money, so I eventually let them off the hook by accepting cashiers checks.  This wasn't like $100,000 or anything.  I was paying my plumber, and making my house payment. sums of less than $10K.  They choked.  I expect cash of any kind to be hard and harder to come by.

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