Health Care Law Promotes Identity Theft

Filed in Court, Illegal by on January 20, 2011

The more you look at the 2,300 page Health Care law, the more outrageous it becomes. The latest insanity shows that the Health Care law promotes identity theft.

The Health Care law makes credit card companies report almost all transactions, totaling $600 or more a year per recipient, to Internal Revenue. It makes other businesses do this, for non-credit card purchases, in 2012. The four billion new 1099s will cost businesses more than $1 trillion over 10 years, while cutting tax revenue by around $250 billion. Health Care Law cost estimates omit these extra hidden costs.

Even worse, businesses can minimize their costly new 1099s by using costly credit cards and cutting the number of suppliers. The Internal Revenue Taxpayer Advocate is among those saying that this will devastate the small businesses that create 80%+ of new jobs.

We also now know that the Health Care law promotes identity theft on a massive scale. There were 23 million sole proprietorship returns in 2007. 18 million businesses had no employees in 2002. That means that 20 million or so sole proprietorships now have no Employer Identification Numbers. Unless most get these numbers, the Health Care law will make them give the Social Security numbers of their owners to all their suppliers. This means the Health Care law clearly promotes identity theft.

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