Senate sends repeal of hated tax provision to Obama

[The Northerner]

(CNN) -- The Senate voted on Tuesday to repeal a part of the health care reform law that would require businesses to file a 1099 tax form with the government for every purchase they make over $600.

The requirement was designed to fight tax fraud and raise money for the health care reform plan Democrats passed last year. But it quickly became unpopular with both parties when businesses complained it would be too burdensome.

The Senate voted 87-12 for the repeal. The House already approved the bill, so it will go directly to the president, who has not said definitively if he will sign the legislation.

The Obama administration and some congressional Democrats, while favoring the repeal, had opposed the way the Republican-sponsored bill made up for the approximately $22 billion the Congressional Budget Offices says would be lost over the next 10 years to pay for health care reform.

Read more: http://money.cnn.com/2011/04/05/smallbusiness/senate_1099_repeal/?section=money_latest