Posted on 06/19/2008 9:34:24 PM PDT by B4Ranch
June 19, 2008
Broad, invasive provision touches nearly every aspect of American commerce.
Contact:
Adam Brandon
Phone:
(202) 942-7698
Email: abrandon@freedomworks.org
Washington, D.C.
-
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.
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We stopped them from selling our ports to the ragheads. Let's stand together and tell them it is none of their damn business how you spend your hard earned money!
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
this from the same people that bmw’d (b*tch moan & whine) about the Patriot Act.
Use money orders.
Dodd has raped this country more times than I care to think about. He is a blight on our government, and until he retires our privacy and economy are at risk.
This from the same bunch of idiots that were opposed to intercepting terrorists phone calls?
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
He wants to steal our hard earned money. This data will be used by government at all levels to confiscate our wealth. The rats are desperate to plunder our wealth to redistribute to their friends.
Well in the end times you will not be able to buy or sell.......
The thought processes of these dimwits completely eludes me. I must ask are they crazy, or are they really that stupid?
But we can’t monitor terrorist’s call’s home to Mum and Poppy to keep them posted of our destruction. -Wb
My choice early in life was either to be a piano player in a whorehouse or a politician. And to tell you the truth, there’s hardly any difference. I, for one, believe the piano player gig to be much more honorable than the current job of politician. Harry Truman
Do you know what this is all about? It's all about collecting taxes on internet purchases. The thieving bastards. I think it's about time for a revival of the Boston Tea Party!! LET THE REVOLUTION BEGIN!!!!!
Think of it this way, Dodd and his crew are more concerned with how and where you spend your money instead of keeping track of terrorist cells.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
So Chris Dodd is against the Patriot Act so our guys cannot wiretap the terrorists phones but he wants to invade the privacy of every American who has a credit card ?..
What a rotten scumbag !...Just imagine the harm and damage the Democrats and no goodniks in government could do with this credit card information: scan for ‘high money’ people with high credit lines, see who is contributing to which party, check their opponents cards to dig up dirt on them...Just hope this bill never gets passed or that Pres Bush would veto it...This could cause a recession and a severe one at that if people stopped using credit cards...
No matter though—there are ways around that...Just buy a card like a phone card, use it once or twice and discard it and buy another one and load whatever amount of money into it...Use a false name- like maybe Kris Dodd.....call it a KrisCard
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