Senate Okays Repeal of 1099 Provision

[Crabcake Johnny]

I'm not sure which part of this bill is actually going to be left standing by 2014.

Senate Okays Repeal of 1099 Provision in Healthcare Law - Regulatory,Legislative and Tax Issues - Life and Health Insurance News

"The Senate today passed legislation repealing the much-criticized 1099 reporting provision in the healthcare reform law and sent the bill to President Obama for his signature.

President Obama is expected to sign the bill despite concerns raised by the President and other Democrats that the measure is a $25 billion tax on the middle class.

The 1099 provision would have raised $19 billion to help pay for health reform.

The provision would have required business owners, starting in 2012, to file a tax reporting document for all vendors from which they buy $600 worth of goods or services within a year."

 

[Kari]

I'm fairly confident everything else will be standing in 2014.

The Republicans need to hold the House, take over the Senate and take the White House in 2012 for there to be much of a probability of repeal by 2014...I wouldn't put money on the odds of all of those things happening.

 

[xrac]

I'm not sure which part of this bill is actually going to be left standing by 2014.

Senate Okays Repeal of 1099 Provision in Healthcare Law - Regulatory,Legislative and Tax Issues - Life and Health Insurance News

"The Senate today passed legislation repealing the much-criticized 1099 reporting provision in the healthcare reform law and sent the bill to President Obama for his signature.

President Obama is expected to sign the bill despite concerns raised by the President and other Democrats that the measure is a $25 billion tax on the middle class.

The 1099 provision would have raised $19 billion to help pay for health reform.

The provision would have required business owners, starting in 2012, to file a tax reporting document for all vendors from which they buy $600 worth of goods or services within a year."

JUst another burden on business owners and an effort to grab more money. Good riddance.

 

[CHUMPS FROM OXFORD]

Appears to be....
Ditka...

Da Bears...

Spamobam....

 

[ksigmtsu]

I'm fairly confident everything else will be standing in 2014.

The Republicans need to hold the House, take over the Senate and take the White House in 2012 for there to be much of a probability of repeal by 2014...I wouldn't put money on the odds of all of those things happening.

More than that, they need to take a 60 person majority in the Senate to break filibuster to repeal.

They'll have to be lucky to hold the house and win the presidency.

Not a snowballs chance in winning the presidency and picking up that many senate seats. Without looking I doubt it's even mathematically possible.

 

[stuy119]

Winning the Presidency is the key. Only then can this crap get overturned. The house will find a way to get it through to where the senate is required to vote on it (and will put it with something that MUST get passed).

For our industry (and others like mortgages, banking, etc.), Obama needs to go.

 

[Kari]

For our industry (and others like mortgages, banking, etc.), Obama needs to go.

I'm not a health agent, but I fail to see how health care law with an individual mandate is bad for agents. If anything, it's good for health agents; now (like auto agents) people will be more likely to come to you, because they will have to.

The sales you get and don't have to go through the trouble of hunting for are the best kind. It's basically free money into your pocket.

 

[xrac]

It's nbad for agents because commissions are eliminated or cut to nothing. You do more and more work for less money.

 

[stuy119]

I'm not a health agent, but I fail to see how health care law with an individual mandate is bad for agents. If anything, it's good for health agents; now (like auto agents) people will be more likely to come to you, because they will have to.

The sales you get and don't have to go through the trouble of hunting for are the best kind. It's basically free money into your pocket.

You're operating under a few assumptions: that people will be required to purchase coverage, that brokers will be able to assist people who will receive subsidies, and that carriers will offer us enough compensation to make our time worthwhile.

 

[Kari]

You're operating under a few assumptions: that people will be required to purchase coverage, that brokers will be able to assist people who will receive subsidies, and that carriers will offer us enough compensation to make our time worthwhile.

The first assumption is likely to be true, barring any judicial fiat on the part of the SCOTUS. I don't think there's very many people that believe that the Republicans will retake both the Senate and the White House and have 60 votes to break a certain filibuster of repeal of the Affordable Care Act. Regardless of whether one likes it or not, the law is passed and repealing it will be an exceptionally difficult task that will only get more difficult as newer public policy issues come up.

I'm not even making the second assumption; the people who are receiving subsidies (the poor who are unable to afford insurance) are not the new market for health agents. The new market for health agents is the young professionals and upper-middle-class people who are forgoing health insurance because they are (evidently) healthy and do not believe they need coverage. These people can afford to buy insurance and are choosing not to.

As for #3, you'd probably know better than I do; how much has the commission structure changed since the ACA was passed?