The Kevin Trudeau Show: 5-18-13
Today, Kevin exposes the evil that lurks within the government and explains how riding your bike without a license or registration may be considered illegal one day.
Self Help:
Reprogram Your Brain
Be Prepared!
See KT Live!
Health:
FDA Pulls 500 Cold Medicines From the Market
FDA Knew About Safety Concerns at Tainted Alcohol Wipes Plant
Government:
Are Unemployment Rates Really Going Down?
NWO:
Scientists Warn of Solar ‘Katrina’
Everything Kevin:
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Introduction Of New Diet Drug Misses Base Cause Of American Obesity Epidemic
February 27, 2012 by admin
Filed under News Stories
February 27, 2012
Huffington Post
By Mark Hyman. M.D.
This week, in an act of desperation to turn back the tide of the obesity epidemic that now affects almost seven out of every 10 Americans and more than 80 percent of some populations (African-American women), the advisory committee to the Food and Drug Administration (FDA) voted 20 to 2 to recommend approval of Qnexa, a “new” obesity drug that is simply the combination of two older medications, phentermine (the “phen” of phen-fen”) and topiramate (Topamax).
It is a misguided effort at best, and a dangerous one at worst. Mounting evidence proves that the solution to lifestyle and diet-driven obesity-related illnesses including heart disease, diabetes, dementia, and even cancer won’t be found at the bottom of a prescription bottle.
By 2020, more than 50 percent of the U.S. adult population will have Type 2 diabetes or prediabetes, with annual costs approaching $500 billion. By 2030, total annual economic costs of cardiovascular disease in the U.S. are predicted to exceed $1 trillion. By 2030, globally we will spend $47 trillion, yes trillion, to address the effects of chronic lifestyle-driven disease.
Prescription medication for lifestyle disease has failed to bend the obesity and disease curve. Statins have been recently found to increase the risk of diabetes in women by 48 percent. And large data reviews by independent international scientists from the Cochrane Collaborative found that statins only work to prevent second heart attacks, not first heart attacks, which means they are not helpful and most likely harmful for 75 percent of those who take them.
Avandia, the No. 1 blockbuster drug for Type 2 diabetes, has caused nearly 200,000 deaths from heart attacks since it was introduced in 1999. The drug was designed to prevent complications of diabetes, yet heart attacks are the very disease that kills most Type 2 diabetics. In 2011, the FDA issued stricter prescribing guidelines for Avandia, but the drug is still on the market.
The large ACCORD trial found in more than 10,000 diabetics that intensive blood-sugar lowering with medication and insulin actually led to more heart attacks and deaths.
Something is deeply wrong with our medical approach.
The problem of chronic disease, including obesity, diabetes, and heart disease, is not a medication deficiency, but a problem with what we put at the end of our fork.
The emperor truly has no clothes. Why would good men and women of science vote to approve a medication for a condition that is a social disease and requires a social cure? The social, environmental, economic, and political conditions of America and increasingly the global community have created an obesogenic environment.
Clearly we need to do something. But it is not better medication or surgery or more angioplasties and stents, which have no proven benefit in more than 90 percent of those who receive them. The data show they work for acute coronary events, but not stable angina or blockages.
We continue to pay for expensive treatments for chronic disease, despite the fact that they don’t work, while insurance does not pay for nutrition counseling unless the patient has kidney failure or diabetes.
Chronic disease is a food-borne illness. We ate our way into this mess and we must eat our way out.
Click here for the full report from the Huffington Post.
Obama Administration Looking To Resolve Contraception Controversy
February 8, 2012 by admin
Filed under News Stories
February 8th, 2012
CNN
By: Brianna Keilar
After an avalanche of criticism, the White House is working on a way to thread the needle on a new health care policy which will require all employers-including religious institutions-to cover contraception in their health insurance plans.
Policy makers are angling for a loophole that would ensure women receive coverage without forcing Catholic charities, hospitals and institutions to pay for it, two senior administration sources told CNN Wednesday.
The administration is especially interested in the Hawaii model, in which female employees of religious institutions can purchase contraceptive coverage directly from the insurer at the same price offered to employees of all other employers.
Sources said policy makers are also looking at laws in 28 states that have similar coverage requirements.
One source prominent in the progressive Catholic community said the Hawaii plan is a “reasonably good vehicle to try” for a solution that can allay the concerns of Obama’s Catholic allies.
Another favored plan, the source said, would be legislation that would allow women employed by religiously-affiliated employers to get contraceptive insurance from the exchanges created under Obama’s sweeping health care reform, rather than from their employer’s insurer.
But the source added the administration has not yet reached out to leaders in the progressive Catholic community to work on a compromise.
Senior administration sources said while the Hawaii plan has appeal, it would not work nationally because the federal government cannot compel insurers to provide a side-contraception plan.
As for a timeframe, policymakers will announce their decision when the Department of Health and Human Services officially releases the rule, sources said.
The new policy stirred an outcry last week among conservatives and religious groups–particularly Catholics, whose teaching opposes abortion and the use of contraceptives.
While churches are exempt from the rule, hospitals and schools with religious affiliations must comply. The new policy goes into effect on August 1, but religious groups will have a year-long extension to enforce the rule.
While the regulations have caused a firestorm of criticism, a new study released by the Public Religion Research Institute shows the majority of Catholics support the administration’s plan. Nearly 6 out of 10 Catholics think employers should be required to provide this kind of insurance coverage. Among Catholic voters, support for the measure is slightly lower at 52%.
The administration first signaled it was softening its stance on the rule on Tuesday, when White House Press Secretary Jay Carney said the administration was seeking alternative solutions for the issue.
“The president’s interest at a policy level is in making sure that this coverage is extended to all women because it’s important,” Carney said. “(On) the other side is finding the right balance…concerns about religious beliefs and convictions. So we will, in this transition period …seek to find ways to implement that policy that allay some of those concerns.”
On Wednesday House Speaker John Boehner called the policy an “ambiguous attack on religious freedom” and announced the chamber would pursue legislative action to prevent the rule from going into effect.
“If the president does not reverse the department’s attack on religious freedom, then the Congress, acting on behalf of the American people, and the constitution, that we’re sworn to uphold and defend, must,” Boehner said on the House floor, adding the Energy and Commerce committee would spearhead the effort.
The Republican presidential candidates have also been vocal about the policy on the campaign trail. Frontrunner Mitt Romney has said he would eliminate the rule on his first day in office.
But on Thursday the White House hit back repeating an argument used by Romney’s GOP opponents and pointing to a Massachusetts law in effect while Romney was governor that required hospitals-including Catholic ones-to provide emergency contraception to rape victims.
“This is I think ironic that Mitt Romney is expressing – criticizing the president for pursuing a policy that is virtually identical to the one that was in place when he was governor of Massachusetts,” Carney said.
Romney, however, vetoed the original bill, and his veto was overridden by the state legislature. Responding to Carney’s remarks on Thursday, the candidate said Carney needs to “check his history.”
“I worked very hard to get the legislature to remove all of the mandated coverages, including contraception,” Romney said during a media availability. “So quite clearly he needs to understand that was a provision that got there before I did and it was one that I fought to remove.”
Click Here For The Full Story From CNN
Seven Startling Things Most People Still Don’t Know About The National Debt, Banking And The Money Supply
August 2, 2011 by admin
Filed under News Stories
August 2nd, 2011
Natural News
By: Mike Adams
Most people, even smart people, know surprisingly little about the way money really works in Big Government. With the debt ceiling fiasco suddenly raising awareness of the possibility of a total global financial blowout, now seems like a good time to remind people of seven disturbing facts about money that are almost never acknowledge in the old media.
Fact #1 – There is no FDIC insurance fund.
The money at your bank is insured against loss by the FDIC’s insurance fund, right? Nope. That’s total fiction. There is no actual money in the fund. The FDIC insurance money has already been looted by the U.S. Treasury which has simply replaced the money with a bunch of IOUs.
Why does this matter? Because it means that if the U.S. government goes into default, so will the FDIC! And that means all your bank funds have zero insurance. That’s gonna be a big shock for tens of millions of people when they finally figure this out one day…
Fact #2 – There are no social security funds, either.
When you pay social security taxes, all that money goes into a trust fund that’s held for safekeeping until the day it pays you back, right?
Ha! That’s the “sucker’s view” of social security that only ignorant people believe. In reality, there is no money in the social security trust fund because it too has all been looted by the U.S. Treasury and spent. In truth, social security is already broke. Can’t wait for people to wake up and figure this one out, either…
Fact #3 – The U.S. Treasury is stealing money from you every day, even if you pay no taxes!
Here’s a mind-boggling truth that most people just can’t seem to get their heads around: The U.S. Treasury is stealing money from you every single day by the simple fact that they keep creating new money and handing it out to wealthy banksters. Well, technically this is being done by the Federal Reserve, which isn’t even part of the federal government. But it’s all done in cahoots with the Treasury, which is eroding the value of your money through these money creation and distribution actions.
That’s why prices keep going up all around you, folks: Food isn’t suddenly worth more money; the truth is that your money is worth less! That’s how the Treasury and the Federal Reserve steal from you without even breaking into your home.
Probably 99.9% of the population has no understanding of this phenomenon — the erosion of currency valuation through the centralized government printing of more currency. And yet it is a government scam that has been carried out against citizens of the world time and time again, spanning millennia! As history has clearly shown, every nation that goes down the path of printing more currency to pay its bills eventually ends up in a runaway hyperinflation scenario followed by economic collapse. The USA will be no different.
Fact #4 – The “balanced solution” isn’t balanced.
Don’t you love the quirky White House Press Secretary who keeps spewing out the phrase “balanced solution” even while the debt deal leaves the U.S. budget entirely unbalanced?
When you’re spending more money than you’re earning, that’s not financial balance. When the White House says “balanced” what it really means is “compromised” — as in, half way between the Republican position (spend us into purgatory) and the Democratic position (spend us into oblivion). Neither party has any real solution to the cancerous growth of Big Government. That’s because they are creatures of Big Government!
Politicians can no more solve the problems of Big Government than arsonists can solve the problem of office fires. Because they are, themselves, creatures of runaway debt spending (how else do you get elected these days?), they simply do not possess the cognitive framework from which real financial solutions must stem.
Fact #5 – The government is going to steal everything from you before it collapses
Oh my, this is a tough one for people to get their heads around… especially those who naively trust governments to act in the interests of the People. The simple truth of the matter — and I’ve publicly made this prediction before — is that the government is going to STEAL almost everything you own as it heads toward a total financial implosion. This will include:
• The government theft of private retirement accounts. The feds will claim they’re taking them over “for your protection.” Yeah, right. And then one day they will simply all vanish. Kiss your IRA goodbye…
• The government theft of precious metals. Within the next 3 years, watch for a national emergency to be declared, followed by government confiscation of gold and silver. The feds will take your gold and hand you paper money in exchange. The paper money, of course, will be all but worthless shortly thereafter. Only the suckers, of course, will actually turn in their metals…
• Government takeover of your bank accounts. As banks begin to fail in the big collapse, the government will step in and take ownership of the failed institutions, just as it did with Fannie Mae and Freddie Mac (which used to be publicly-owned companies but are now largely just government finance operations). This will put your bank accounts under the direct control of the White House, which can use executive orders to do things like banning all wire transfers out of the country or limiting daily withdrawals and transfers. Sure, you’ll still “own” your money in the bank, you just won’t be able to freely access it!
Fact #6 – Most people have no idea about fractional reserve banking, derivatives, the money supply or the Federal Reserve
It’s not just that most people don’t understand banking and finance; it’s that even members of Congress have no idea how all this works. With few exceptions (like Ron Paul), they’re just clueless!
Get this: Even most bankers don’t even know how fractional reserve banking really works. They don’t understand derivatives, either, which is why they screwed them up so badly in the housing boom that crashed in 2007. And because bankers, investors and bureaucrats have no idea how it all works, they unwittingly turn it all into a runaway catastrophe.
Allowing ignorant adults to play with debt and derivatives is like letting infants play with nuclear weapons. It can only lead to something messy.
Fact #7 – Most people are betting their lives on the dollar
People buy insurance for their cars, their homes and even their health. But when it comes to money, 99 out of 100 people in America are betting their entire financial existence on the U.S. dollar! They get their paychecks in dollars, their savings accounts are in dollars, and all their assets are denominated in dollars. As a result, they have no diversity to protect them against dollar devaluation.
That’s kinda crazy, considering just how quickly the dollar could collapse in the near future and become totally worthless. That’s why smart people are diversifying their assets and converting dollars into land, gold, silver or even storable food. Here in central Texas, even ammunition has a long-term barter value that far exceeds dollars.
Looking around at the financial behaviors of others, I’m just stunned at how many people are betting everything on the dollar because they never realized they had any other option (that’s the way the government likes to keep it, of course!).
Click here for the full report from Natural News
The Kevin Trudeau Show: 3-3-11
Today, Kevin exposes the evil that lurks within the government and explains how riding your bike without a license or registration may be considered illegal one day.
Self Help:
Reprogram Your Brain
Be Prepared!
See KT Live!
Health:
FDA Pulls 500 Cold Medicines From the Market
FDA Knew About Safety Concerns at Tainted Alcohol Wipes Plant
Government:
Are Unemployment Rates Really Going Down?
NWO:
Scientists Warn of Solar ‘Katrina’
Everything Kevin:
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Support Kevin!
Kevin is on YouTube!
Sign Up For Kevin’s FREE Podcast
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The Kevin Trudeau Show: 1-14-11
Today, Kevin finally reveals the real reason why birds are dropping out of the sky and fish are washing ashore. Plus, he gives you the inside story behind the newest technology that could potentially predict the future!
Self Help:
Change The Way You Think
Be A Good Friend
Protect Yourself
Free Money!
Sign It NOW!
RepealItNow.org
Everything Kevin:
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The Kevin Trudeau Show: 12-9-10
Today, Kevin reveals exactly why he does this radio show and why he will never give up the fight! Plus, find out what the banks are doing this time to take your hard-earned money from you!
Self Help:
Diabetes Cure
Show Your Support
Protect You & Your Family
Health:
Turn Off The Lights To Lose Weight
Spinach Reduces Diabetes Risk
Voter Fraud:
Harry Reid’s Name Already Filled In On Ballots
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ObamaCare Lies Starting To Surface
September 13, 2010 by admin
Filed under News Stories
September 13, 2010
Yahoo! News
by Erica Werner & Calvin Woodward
President Barack Obama told voters repeatedly during the health care debate that the overhaul legislation would bring down fast-rising health care costs and save them money. Now, he’s hemming and hawing on that.
So far, the law he signed earlier this year hasn’t had the desired effect. An analysis from Medicare’s Office of the Actuary this week said that the nation’s health care tab will go up — not down — through 2019 as a result of Obama’s sweeping law, though the increase is modest.
Obama offered some caveats when asked in his news conference Friday about the apparent discrepancy between what he promised and what’s actually happening so far. On several other topics, too, his rhetoric fell short of a full accounting.
A look at some of the claims at his news conference and how they compare with the facts:
OBAMA: Said he never expected to extend insurance coverage to an additional 31 million people “for free.” He added that “we’ve made huge progress” if medical inflation could be brought down to the level of overall inflation, or somewhere slightly above that.
THE FACTS: Those claims may be supported in the fine print of the plan he pitched to Congress and a skeptical public months ago. But they were rarely heard back then. “My proposal would bring down the cost of health care for millions — families, businesses and the federal government,” he declared in March.
Last August he predicted: “The American people are going to be glad that we acted to change an unsustainable system so that more people have coverage, we’re bending the cost curve, and we’re getting insurance reforms.”
On Friday, he conceded: “Bending the cost curve on health care is hard to do.” The goal: “Slowly bring down those costs.”
The White House contends that although health care costs will rise when most of the changes take hold in 2014 and coverage is extended to the uninsured, costs will go down over the longer term as controls kick in.
OBAMA: “We took every idea out there about how to reduce or at least slow the costs of health care over time.”
THE FACTS: One idea that most experts believe would do the most to control health costs — directly taxing health benefits — was missing in Obama’s plan. Opposition from unions and others was too great, and Obama himself had campaigned against the idea.
Some of the major cost controllers that did make it into the law — including a tax on high-value insurance plans — don’t start until 2018. That tax was watered down and delayed, and other cost-control approaches also softened after opposition from hospitals and other interest groups.
Health spending already accounts for about 17 percent of the economy and is projected to grow to nearly 20 percent in 2019.
OBAMA: “So these policies of cutting taxes for the wealthiest Americans, of stripping away regulations that protect consumers, running up a record surplus to a record deficit — those policies finally culminated in the worst financial crisis we’ve had since the Great Depression.”
THE FACTS: The president probably meant the broader economic crisis and not the meltdown of the financial industry when he talked about the “financial crisis.” True enough, George W. Bush entered office with a $236 billion budget surplus in 2001, and in January 2009, before Obama was sworn into office, the Congressional Budget Office projected the deficit for the fiscal year 2009 to be $1.2 trillion.
But the surpluses the government foresaw in 2001 were based on a bubble economy that was bound to burst. And the deficit Obama inherited was only partly from Bush’s fiscal policies.
Mostly it was a result of a recession that sapped tax revenues, increased the costs of safety net programs and demanded more government spending to stimulate the economy. As recently as 2007, the budget deficit was just $161.5 billion. The current annual deficit is now an estimated $1.5 trillion.
OBAMA: Asked how he can lecture Afghan President Hamid Karzai about corruption when it’s fueled in part by U.S. aid dollars, Obama said: “I’ve said to my national security team … Let’s be consistent in terms of how we operate across agencies. Let’s make sure that our efforts there are not seen as somehow giving a wink and a nod to corruption.”
THE FACTS: While acknowledging the situation is messy, Obama seemed to minimize it.
“Are there going to be occasions where we look and see that some of our folks on the ground have made compromises with people who are known to have engaged in corruption?” he asked. “You know, we’re reviewing all that constantly and there may be occasions where that happens.”
The United States spends more than $100 billion annually in Afghanistan, the world’s second-poorest nation and one of the most corrupt. U.S. officials acknowledge that a significant percentage of the U.S. bankroll enriches shady characters even as it may finance worthy projects, or is stolen outright.
The CIA has paid Afghan warlords and power brokers for years, relying on them as informants and as leverage in the country’s internal ethnic and tribal squabbles. Intelligence officials say payouts are cheap insurance, but development officials and diplomats say the money supports a culture of bribery.
Obama pledged to keep up pressure on Karzai. The Afghan leader recently intervened to free a presidential aide arrested on suspicion of soliciting a bribe. U.S. investigators played a central role in fingering the aide.
Click here to read the full report
120 Days Until Largest Tax Hike In History
September 3, 2010 by admin
Filed under News Stories
September 3rd, 2010
Americans for Tax Reform
By: Ryan Ellis
In just 120 days, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care tax credit will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors. The top capital gains tax will rise from 15 percent this year to 20 percent in 2011. The top dividends tax rate will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
Second Wave: Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
The Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year.
The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
Brand Name Drug Tax. Starting next year, there will be a multi-billion dollar tax assessment imposed on name-brand drug manufacturers. This tax, like all excise taxes, will raise the price of medicine, hurting everyone.
Economic Substance Doctrine. The IRS is now empowered to disallow perfectly-legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.” This is obviously an arbitrary empowerment of IRS agents.
Employer Reporting of Health Insurance Costs on a W-2. This will start for W-2s in the 2011 tax year. While not a tax increase in itself, it makes it very easy for Congress to tax employer-provided healthcare benefits later.
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:
The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”
Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed. Until this year, a retired person with an IRA could contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.
ObamaCare Expands IRS Powers To Audit Your Health Insurance Status
July 19, 2010 by admin
Filed under News Stories
July, 19 2010
The Wall Street Journal
If it seems as if the tax code was conceived by graphic artist M.C. Escher, wait until you meet the new and not improved Internal Revenue Service created by ObamaCare. What, you’re not already on a first-name basis with your local IRS agent?
National Taxpayer Advocate Nina Olson, who operates inside the IRS, highlighted the agency’s new mission in her annual report to Congress last week. Look out below. She notes that the IRS is already “greatly taxed”—pun intended?—”by the additional role it is playing in delivering social benefits and programs to the American public,” like tax credits for first-time homebuyers or purchasing electric cars. Yet with ObamaCare, the agency is now responsible for “the most extensive social benefit program the IRS has been asked to implement in recent history.” And without “sufficient funding” it won’t be able to discharge these new duties.
That wouldn’t be tragic, given that those new duties include audits to determine who has the insurance “as required by law” and collecting penalties from Americans who don’t. Companies that don’t sponsor health plans will also be punished. This crackdown will “involve nearly every division and function of the IRS,” Ms. Olson reports.
Well, well. Republicans argued during the health debate that the IRS would have to hire hundreds of new agents and staff to enforce ObamaCare. They were brushed off by Democrats and the press corps as if they believed the President was born on the moon. The IRS says it hasn’t figured out how much extra money and manpower it will need but admits that both numbers are greater than zero.
Ms. Olson also exposed a damaging provision that she estimates will hit some 30 million sole proprietorships and subchapter S corporations, two million farms and one million charities and other tax-exempt organizations. Prior to ObamaCare, businesses only had to tell the IRS the value of services they purchase. But starting in 2013 they will also have to report the value of goods they buy from a single vendor that total more than $600 annually—including office supplies and the like.
Democrats snuck in this obligation to narrow the mythical “tax gap” of unreported business income, but Ms. Olson says that the tracking costs for small businesses will be “disproportionate as compared with any resulting improvement in tax compliance.” Job creation, here we come . . . at least for the accountants who will attempt to comply with a vast new 1099 reporting burden.
In a Monday letter, even Democratic Senators Mark Begich (Alaska), Ben Nelson (Nebraska), Jeanne Shaheen (New Hampshire) and Evan Bayh (Indiana) denounce this new “burden” on small businesses and insist that the IRS use its discretion to find “better ways to structure this reporting requirement.” In other words, they want regulators to fix one problem among many that all four Senators created by voting for ObamaCare.
We never thought anyone would be nostalgic for the tax system of a few months ago, but post-ObamaCare, here we are.
