Obamacare’s increased reporting requirements would require businesses to issue 1099’s whenever they do more than $600 of business with another entity in a year — a tremendous new cost and frustration for businesses with no tangible benefit to anyone.

Democrats reverse field and now say that companies were right to claim millions in loses as a result of the passage of ObamaCare — as these companies also discuss potentially dropping their employees’ health-care plans.

Under Obamacare, businesses would have to issue millions of 1099’s and would have to gather taxpayer identification numbers for every payee or vendor with whom they do $600 in business — swamping them in paperwork.

Firms say Obamacare’s tax on medical devices, which would begin in 2013, would cost jobs and reduce innovation.