House approves rule for 1099 repeal

The House on Wednesday afternoon approved a rule setting up a Thursday debate and vote on a bill that eliminates IRS reporting requirements for companies and people who own rental properties.

The rule for the so-called 1099 repeal bill was approved in a 252-175 vote, and only 14 Democrats supported it. During the debate earlier in the day, Democrats said the underlying bill, H.R. 4, would raise taxes on middle-class Americans.

But Republicans argued the bill would simply repeal an unnecessary subsidy to people for buying health insurance under last year's healthcare law, and said the subsidy would not take effect until 2014. Republicans also noted that the Obama administration has supported a scaling back of this subsidy.