Pete Kasperowicz News from The Hill: House looks to repeal controversial 3 percent withhold law next week

News from The Hill: House looks to repeal controversial 3 percent withhold law next week  By Pete Kasperowicz  House Republicans may take up bipartisan legislation next week to repeal a widely scorned law requiring all levels of government to withhold 3 percent of most payments to contractors, Medicare recipients, farmers and vendors. The House Ways & Means Committee marked up the bill, H.R. 674, last week, and it's high up on the list of GOP priorities for legislation to help create the conditions for job growth. As of the middle of this week, House aides said GOP leaders seemed to be shooting for floor action next week. The withholding rule became law in 2005, and was meant to help close the gap between taxes owned and taxes collected. But it was never implemented, and was delayed further under the 2009 stimulus bill until the end of 2011. Republicans are not the only ones who oppose current law — even President Obama has called the possible withholding rules "burdensome withholding requirements that keep capital out of the hands of job creators." The IRS earlier this year delayed implementing it again until the end of 2012. Read the complete story here.

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