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UMCA Associates
| 3% WITHHOLDING TAX HAS ONE FOOT OUT THE DOOR |
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| Written by Danielle LaCasce |
| Tuesday, 01 November 2011 12:16 |
The House of Representatives voted 405 to 16 (H.R. 674, 12 not voting) to repeal one of the longest lingering pieces of public maladministration since the 1099 reporting requirement on virtually all business transactions. The 3% repeal measure has been joined with a proposed slight modification to the health care reform law, lowering the cost of tax subsidies for individuals who join the state health coverage exchanges if the law survives until 2014 (H.R. 2576). That bill passed along more narrow partisan lines (276 to 157, 14 not voting). The measure now moves to the Senate. The Obama Administration also has joined in support of the repeal measure, and granted that the health care tax subsidy expense item could be pared back to help pay for the repeal. So, it appears that victory may escape the jaws of partisan wrangling this time. |
| Last Updated on Tuesday, 01 November 2011 12:18 |