Posted on 06/23/2008 10:04:04 AM PDT by STARWISE
Broad, invasive provision touches nearly every aspect of American commerce.
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Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses.
The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
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Call Congress and Tell Them to Oppose The eBay Reporting Provision in the Housing Bill: 1-866-928-3035
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FreedomWorks Chairman Dick Armey commented:
"This is a provision with astonishing reach, and it was slipped into the bill just this week.
Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses.
The privacy implications for America's small businesses are breathtaking."
"Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year.
What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access?
Many small proprietors use their Social Security number as their tax ID.
How will their privacy be protected? What compliance costs will this impose on businesses?
Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers.
"At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers.
This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government.
This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications."
From the Senate Bill Summary:
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Payment Card and Third Party Network Information Reporting.
The proposal requires information reporting on payment card and third party network transactions.
Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee.
Reportable transactions include any payment card transaction and any third party network transaction.
Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions.
A payment card means any card issued pursuant to an agreement or arrangement which provides for standards and mechanisms for settling the transactions.
Use of an account number or other indicia associated with a payment card will be treated in the same manner as a payment card. A de minimis exception for transactions of $10,000 or less and 200 transactions or less applies to payments by third party settlement organizations.
The proposal applies to returns for calendar years beginning after December 31, 2010. Back-up withholding provisions apply to amounts paid after December 31, 2011.
This proposal is estimated to raise $9.802 billion over ten years.
TERM LIMITS!!!
~~PING!
Well, that’s why my friends in the Sport Memoribilia biz use the old Sporting News and such to sell Base Ball Cards. Maybe they sold the 1974 MLB season set, or maybe they didn’t.
Well, that’s why my friends in the Sport Memoribilia biz use the old Sporting News and such to sell Base Ball Cards. Maybe they sold the 1974 MLB season set, or maybe they didn’t.
Is this the same Senator Dodd who just received a $75,000 break in his mortgage from Countrywide Loans amid suspicious backroom dealings?
Taxation is their motive, not invasion of privacy.
That being said, both are loathsome.
A dollar changing hands that they haven’t taxed, and it’s just killing the b*stards!
Fortunately for the people in Congress, most Americans aren’t freepers. Americans, in general, are inattentive, undereducated, and unconcerned.
And on Fox this AM, I learned that your credit score is decided by where you use your credit cards. For example, if you use your credit card to pay a bar bill often, you atre at a bigger risk for default, therefore they lower your credit score. Or, if you use it to pay for marriage counseling, you are a risk for a divorce, so the score is lowered.
There is NO privacy in this country.
.....Bob
“Taxation is their motive, not invasion of privacy.”
Doesn’t matter to me. What ever happened to needing a warrant??
Fourth Amendment? What Fourth Amendment?
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated"Effects" is the key term here.
Yard sale police; coming soon to a city near you.
Better report those pair of pajamas you sold to the neighbor kid!
And they wonder why our businesses go overseas...
I get the impression this is NOT going to make it into law.
It’s for the chilllllllldren!
(we don’t need no steenkin’ warrants)
“Well, that’s why my friends in the Sport Memoribilia biz use the old Sporting News and such to sell Base Ball Cards. Maybe they sold the 1974 MLB season set, or maybe they didn’t.”
I they paid for the Babe Ruth card with a credit card, it applies to them. If they used paypal or yahoo checkout, it applies. If they used cash, they were big fools.
.....Bob
Just imagine if the Dims take the WH AND Congress!
Any teach-them-a-lesson-and-stay-home voters better WAKE UP!
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