Posted on 06/19/2008 12:10:34 PM PDT by XR7
Broad, invasive provision touches nearly every aspect of American commerce.WASHINGTON, DC - 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.
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:
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.
Yeah, At Bay, Raycpa, Ditter, and all the others. I can’t wait to hear them cry and whine.
Tobacco products are a drop in the bucket compared to scarfing taxes for ALL internet sales of everything.
I figure somebody slipped this into the bill to destroy Dodd. The real authors of the bill probably had no idea it was in there. Subversion of the highest order. The dims can’t afford this sort of publicity. The rat netizens will go ballistic.
Hmm. What about craigslist?
I always buy in cash from Craig’s list face to face. This legislation needs a broad public airing for the stink bomb it is.
Well, this is different.... The scumbag Democrats care about the privacy of terrorists, not taxpaying US citizens.
bbt
I pray a good number of their descendants are made of the same metal and the same resolve to stand up for liberty no matter the cost.
The usual suspects probably still won't get it.
If they didn't get it then, they'll probably never will.
They missed their chance to step up for the messiness that's known as freedom and now they're mystified by being blindsided.
You could see this coming from a mile away.
Some didn’t bother taking their blinders off, I suppose....
I see this proposal more as a corollary to 1099s.
Notwithstanding, if I were to buy cannon fuse it would only be through a cash transaction. :)
Because he knows good and well the Smirking Chimp will be very eager to sign this violation of privacy into law. Former USAG Gonzales would have also been thrilled to see this type of collected information as well under his tenure. Now the big question is just what is the GOP going to do to stop this? When will enough be enough?
I love my big brother he watches out for me.
Son of a ...! Grrrrrrrrrrr
WASHINGTON, DC - 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...
FYI...
Why do the Marxist’s...err, I mean Libs have trouble with FISA, or so many issues regarding privacy but one of the “Countrywide 6” wants to slip in another “We the Government” regulation?
They want more power everyday....
If it wasn’t for Small Businesses, where would the employment levels be today. How much in taxes do they already pay?
It is really time to “TURN OVER” Every Congressman and Senator...Vote the incumbents out.
BTTT
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