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.
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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.
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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Okey dokey... whatever...
I'll let your insults pass.
Democrats KNOW who thier REAL enemy is...
An informed and educated American Public, and thier freedoms...
My mother has an eBay store; I will let her know about this.
It will be amusing to hear her scorn and the expletives she will pour out on the idiots who sponsered this nonsense.
Some fellators of government use the term "tax expenditure" to mean a tax cut or deduction. In other words, if you are able to keep more of your own money, these people essentially see it as money that the government generously paid out to you.
I hope to live to see such people hanged in chains at crossroads, and left there until their dusty bones fall out of the gibbet.
-ccm
So who wanted to kill the whole Housing bill? Because this addition is a bill killer. And I have no idea what it in the rest of the bill. Gotta wonder.
Another reason I could see that RATS would put this in a bill would be to allow BHO to show how he is opposed to this nonsense. He could grandstand on it. But that is a stretch. It makes the other folks sponsoring the bill look like Nazis. Hmmmmm.
Action required - bump....!
Has anyone recently applied for a CC processing account? I long considered being able to process CC transactions for a small business, and began to fill out an application. After a few pages, I bailed, and wrote the company, “Keep the application fee! Just forget the whole thing, and forget you ever heard of me!” Page after page of detailed sensitive information. To Hell with this.
I'm convinced that plenty of freedom is still to be had, just not within the borders of the US.
So the same Sen. Dodd, who didn’t know how much the going rate for his Countrywide mortgage should have really been, wants to know what my credit card balances are? Don’t bother, Senator. You take care of your business, and I’ll take care of mine.
This is beyond belief.
Congressmen and their buddies will be exempt.
Well, if they are planning on nationalizing the Oil Industry, they have to have an unlimited and instant source of revenue to tap.
Along with “Crap and Trade, they have created new and limitless expenses for us wealthy taxpayers. And, don’t worry, they’ll only tax the Rich who aren’t paying their “fair” share anyway, who Bush protected them from paying. It was the “POOR” who suffered and who kept this country going by getting loans from Countrywide, while the greedy rich got richer thanks to Bush.
They’re going to fix that..........(/S)
202-225-3121
Congressional Switchboard
Ask for the dictator/moron of your choice
Could be. But, for sure it's about collecting income taxes on small businesses and entrepreneurs. See the part that says
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.
Actually, the FairTax (http://www.fairtax.org) would be a good antidote to this kind of expansion of our existing tax code.
Congress critter ping!
Thanks for posting.. This is beyond belief.
Toll free captial switchboard numbers: 800-965-4701 and 800-828-0498.
The price of liberty is eternal vigilance. The authoritarian scumbags NEVER let up, do they.
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