Posted on 06/23/2008 10:04:04 AM PDT by STARWISE
“BINGO! IMHO this is the first step towards putting sales tax both national and state upon each credit card transaction.”
Maine already has this in the form of a “use tax.”
I’m noticing more and more when I buy something online from a company outside of Massachusetts that they still charge me the 5% Massachusetts sales tax. It’s a complete joke. If you use credit card, there is a record of the transaction. How long before the dimwits start trying retroactive taxation?
Not too long ago the very same proponents of this act were denouncing grocery stores for “tracking customer’s buying habits” and complaining that such behavior was tantamount to Hitlerism.
Or postal money orders.
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Have you called your Senator and protested this Bill?
Called the local office of both of my Senators. One office person knew exactly what I was talking about and the other one didn’t have a clue. Hopefully word will still get to Washington about how I feel about the huge invasion of privacy.
6/19/2008
ORIGINAL POST w/ 135 Replies:
Senate Bill Requires eBay, Amazon, Google, All Credit Card Companies to Report Transactions
http://www.freerepublic.com/focus/f-news/2033470/posts
Not only do they want to spy on your transactions, but do you know how they want to fund this??
BY ROBBING YOUR OWN HOME EQUITY IF YOU RENT OUT YOUR HOUSE.
Let’s say that you had to move for your job (like many military members) and decided to rent out your primary (or only) residence (especially if you couldn’t sell it).
Guess what: under the provisions of the Dodd bill, any such periods of rental after 2008 will be counted as a period of non-personal use, and the amount of time you rent out that house will cause the amount of tax-exempt gain from any home equity appreciation to SHRINK.
I have already noted to my Senators the damage that this will cause to thousands if not millions of Americans. And it is an especial kick in the fragile parts to landlords (some of whom are military) who have already leased out their primary home into 2009.
So what will people do?
Rent out their homes on the sly?
Have to sacrifice them at bargain prices to vultures ((who probably are supporting Dodd- and let’s not forget aboutjust about all the CONgresscritters in both parties who have lined up with Dodd on this junk))?
Protest now!
Yep to “term limits!”...long over-due...
And the SAD part will come when the Republicans vote for this!
Anybody heard if Bush will veto and if it can be sustained?
With all the accompanying "bi-partisan" pats on the back, with a Rose Garden signing ceremony surrounded by a "bi-partisan" mix of onlooking legislators for the photo-op.
Puke.
Dodd, and 99 other Senators, Congressmen, the executive branch and federal bureaucracy.
Senate Housing Bill Requires eBay....+ All Credit Card Companies to Report Transactions to Govt
Monday, June 23, 2008 12:04:04 PM
· by STARWISE
· 51 replies
· 1,228+ views
“A bill that would try to jump start a recovery for the housing and mortgage sectors goes too far, the White House said Thursday, threatening a presidential veto if Congress approves it.”
Standard Oil of New Jersey (SONJ) - or Esso (S.O. or Eastern States, Standard Oil) - renamed Exxon, now part of ExxonMobil. Standard Trust companies Carter Oil, Imperial Oil (Canada), and Standard of Louisiana were kept as part of Standard Oil of New Jersey after the breakup.
Standard Oil of New York - or Socony, merged with Vacuum - renamed Mobil, now part of ExxonMobil.
Standard Oil of California - or Socal - renamed Chevron, became ChevronTexaco, but returned to Chevron.
Standard Oil of Indiana - or Stanolind, renamed Amoco (American Oil Co.) - now part of BP.
Standard’s Atlantic and the independent company Richfield merged to form Atlantic Richfield or ARCO, now part of BP. Atlantic operations were spun off and bought by Sunoco.
Standard Oil of Kentucky - or Kyso was acquired by Standard Oil of California - currently Chevron.
Continental Oil Company - or Conoco now part of ConocoPhillips.
Standard Oil of Ohio - or Sohio now part of BP.
The Ohio Oil Company - more commonly referred to as “The Ohio”, and marketed gasoline under the Marathon name. The company is now known as Marathon Oil Company, and was often a rival with the in-state Standard spinoff, Sohio.
Other Standard Oil spin-offs:
Standard Oil of Iowa - pre-1911 - became Standard Oil of California.
Standard Oil of Minnesota - pre-1911 - bought by Standard Oil of Indiana.
Standard Oil of Illinois - pre-1911 - bought by Standard Oil of Indiana.
Standard Oil of Kansas - refining only, eventually bought by Indiana Standard.
Standard Oil of Missouri - pre-1911 - dissolved.
Standard Oil of Louisiana - always owned by Standard Oil of New Jersey (now ExxonMobil).
Standard Oil of Brazil - always owned by Standard Oil of New Jersey (now ExxonMobil).
No problem, I'd be thrilled in fact. If they insist on making yard sale proceeds into business income, then the original purchase is a purchase of inventory which is deductible as a business expense, so I'll show a loss, which will be a net SUBTRACTION from my tax bill.
Which will do no more than bring prices back down out of the stratosphere to where they ought to be. Inflated home values are not a good deal for homeowners. They have to pay inflated prices on the house they move into when they sell, moving up in house is more expensive, and the goobermint and real estate brokers get a big raise for doing the same work as before.
I kind of doubt the not making the payments part because of the low interest and points he received which first brought the issue to light. If the bank were intending to make the actual payments on the loan, wouldn’t it have been far more politically savvy to make a standard loan in terms of interest and points? It would be a lot less likely to draw attention, and if anyone did notice he had a Countrywide mortgage, he could point to the fact that he had paid market interest and points, same as anyone else.
The VIP program was likely established to share perks with many while giving the main man some cover for the loan not requiring repayment. The loan became a laundered bribe.
Bump
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