by Brendon Nafziger
, DOTmed News Associate Editor | November 03, 2010
In the aftermath of the long-predicted Republican takeover of the House, President Obama hinted at slight tweaks to health reform legislation to kill a controversial tax filing for businesses but said it was a mistake to think Tuesday's results mean voters want to overturn health reform.
"We'd be misreading the election if we thought the American people want to see the next two years spent re-litigating" the issue, he told reporters during a press conference Wednesday.
Obama said provisions in the Affordable Care Act that require businesses to send a 1099 tax form to any vendor for all purchases over $600 could be "burdensome," and indicated he'd be willing to give the matter another look.
The provisions aim to gather around $17 billion in lost revenue for the Internal Revenue Service in order to help pay for health reform and other government services. Proponents deny that it's onerous, saying a Bush era rule requires 1099 filing for cumulative yearly purchases of more than $600, but with exemptions for corporate entities and goods - exemptions eliminated by the new rules. But the U.S. Chamber of Commerce, one of its many opponents, considers the regulations "oppressive," arguing that it creates "an avalanche of new paperwork for small business owners."