Re:1099 will end the world in 2012
by Calamitous on Friday July 23, 2010 @03:04PM
(#1542103)
> I predict this law will get repealed pretty quickly and quietly before it goes into effect.
> They already went through this process with SOX
Has SOX been repealed, then? I know of at least two businesses it's prevented from an IPO.
It only makes sense to repeal if the gov't motive is to maximize revenue. As we've seen repeatedly, "duty" is not a concept that impacts career politicians in the slightest.
Fiction aside, I predict this law will get repealed pretty quickly and quietly before it goes into effect. The amount of added annual tax revenue from this is projected to only be $20 billion, and as soon as various interest and trade groups realize how much more the extra paperwork is going to cost them, then they'll be screaming at the Congress-critters. They already went through this process with SOX.
It's the Government's duty to maximize tax revenues, so if the cost of doing business in general causes a decrease in many company's profits, then there is less overall income to tax. If that amount of lost tax revenue is more than the projected increase of $20 billion, and I bet it is, then it makes sense to repeal that particular law.