Baucus: Repeal 1099 Filing Rule From Obamacare

A top Democrat in the U.S. Senate on Friday pledged to repeal a provision of the new healthcare law that requires businesses to file tax forms on transactions of more than $600.

Sen. Max Baucus, chairman of that chamber's tax-writing committee, said he would introduce legislation to repeal that part of the law, which requires filing so-called 1099 forms, after small business groups complained it would become a paperwork nightmare.

Obama last week said that he would fight any attempt to repeal the legislation, but would be willing to consider some Republican ideas. He suggested the two sides work together to change the new business transaction reporting requirement.     
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