A myriad of companies stand to lose millions through Obamacare’s repeal of tax breaks to those who provide drug benefits to retirees.
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.