I was talking with my wife about the newest wave of rules and regulations that Washington is imposing on us, such as this doozy:
"An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork," reports CNNMoney.com:
Section 9006 of the health care bill--just a few lines buried in the 2,409-page document--mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.
The stealth change radically alters the nature of 1099s and means businesses will have to issue millions of new tax documents each year.
This means more work for corporate accountants. Much worse, though, is the demand on small businesses, including freelancers:
Under the new rules, if a freelance designer buys a new iMac from the Apple Store, they'll [sic] have to send Apple a 1099. A laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their [sic] purchases.
The bill makes two key changes to how 1099s are used. First, it expands their scope by using them to track payments not only for services but also for tangible goods. Plus, it requires that 1099s be issued not just to individuals, but also to corporations.
Why did they do this? Simple greed: "The idea seems to be that using 1099 forms to capture unreported income will generate more government revenue and help offset the cost of the health bill."
I had a slip of the tongue: I meant to say that the bureaucracy was going to choke the growth out of America.
But it came out as "Barackracy".
We started laughing and I thought -what a great idea for the title of an article. I googled the term and discovered -- yet, again -- that other people had beat me to the punch.
A combination of Barack Obama and bureaucracy. To be used when discussing his political agenda.
The bureaucratic policies, emphasizing excessive layers of non-elected government officials (Czars), as put forth by the administration of President Barack Obama.
A regime of governing that does everything backwards to the detriment of the citizenry.
The surplus of government jobs that will be created with Barack Obama as president. Used to describe the large government that will result.
The systematic dismantling of the United States of America's Constitution.
Anyone think that this word will be taught to children at our public schools?