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.
So, this is the sort of do-gooder Big-Brotherism that our fathers fought, bled, and died for?
That our young men and women are being killed and maimed for today?
How did we get to the point where our very leaders are the ones who are destroying our country?
Another way to tax people?.
Aren’t these the same people whining that that Patriot act is a gross invasion of privacy?
“...all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable...” - DOI, 1776
This from the same party that yells up and down that the patriot act is a violation of privacy
Beat me
Does it include notification if you’re getting VIP treatment? ha
TREASON!!! Time is growing near when the citizens of America will have had enough of their treason and rebel. Hopefully sooner than later.
By Christopher Keating on June 13, 2008 1:00 PM | Permalink | Comments (2)
From the Wall Street Journal to the Associated Press, the national media were reporting Friday that U.S. Senator Christopher Dodd received favorable mortgage rates from a highly controversial mortgage company.
Dodd received two 30-year loans from Countrywide Financial Corp., whose chairman and chief executive officer, Angelo Mozilo, has testified in front of Congress about problems in the subprime crisis.
Dodd, a Connecticut Democrat who is currently the chairman of the Senate banking committee, was designated as a "Friend of Angelo,'' along with former Cabinet member Donna Shalala and other high-profile Washington insiders. continued
John Adams is now repenting in Heaven. God Save this great Republic! Now is the time for all good men to come to the aid of their country!
“Another way to tax people?”
Eggs Ackley, abdo-lutey right! The taxes that you haven’t paid on out of state purchases will be able to be tracked, and you will either be billed, or audited, and fined, by the IRS!
Backup withholding provisions? What the heck is that? Why would this rase nine billion for the government?
Most likely this is either a first step toward an internet tax, or an effort to feed information to the IRS about suspected tax dodgers with off-the-books income.
It’s good to know that habeas corpus applies to foreign terrorists abroad, but that American citizens have no right to privacy.
Is there also a special clause saying that illegal aliens and welfare recipients are exempted from government snooping?
We need to go to Washington and arrest them all.
“Another way to tax people?”
Eggs Ackley, abdo-lutey right! The taxes that you haven’t paid on out of state purchases will be able to be tracked, and you will either be billed, or audited, and fined, by the IRS!
It would seem so:
http://whitehouser.com/policy/domestic/senator-chris-dodd-fights-fisa-legislation/
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