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.
Fortunately, all my charges show up as “NON PORNOGRAPHIC MEMBERSHIP DUES” on the bill.
Site is acting strangely again. I keep getting a blank page when I post, or change threads. I have to go back and forth a few times. Hence the double post!
Yup... typical liberal hypocrites.
Without debate?
And the sheeple will go along, without resistance.
Exactly! Watch out E-bay sellers. They are coming after your sales as income!
“Another way to tax people?.”
Yep. Casual sales (e.g., selling your crap at a garage sale) have become big business.
And the Democrats wants some of your money (imagine that).
“How did we get to the point where our very leaders are the ones who are destroying our country?”
That’s the question I ask on news of virtually every piece of legislation these days.
Holy crap ... and they made such a big deal about the gubermint listening in on overseas phone calls. This make that pale in comparison. This is Huge and Serious. This is no drill.
And they call R’s nazis....
“Casual Sales” i.e. Garage sales....will become EVEN BIGGER business - all cash.
soon to be followed by an email tax, I’m sure.
I have updated my FMCDH (From My Cold Dead Hands) sign-off with the addition of (BITS).....Blood In The Streets, which I foresee coming soon, due to the enormous increase of the Marxist progressive movement being shoved down the throat of this failing REPUBLIC through the Judicial tyranny of fiat law, the passing of unconstitutional laws by the Legislative and Executive branches of our government and the enormous tax burden placed upon the average American to support unconstitutional programs put forth by Marxist ideology. I do not advocate revolution. I only think of what I foresee. FMCDH(BITS)
Aren’t Democrats for the little people? Reporting these transactions are going to hurt the little guy alot more than it will hurt them.
Does this apply only to sellers who have tax numbers for their businesses? I have no idea how they can tax you for selling used items. Afterall, tax was already paid on the stuff when it was originally purchased. So if you decide to sell something used at a price less than what you originally paid for it, why should I have to claim it as earnings?
Another way to watch people to see that they don't do anything illegal. For now. Then when we get National Health Care, which both presidential candidates support, it can be used to advise you that you are eating wrong, your benefits will be reduced until you shape up.
Oh, it wasn't illegal then, but on March 9th 2009, you bought 100 feet of “cannon fuse” (Green Visco) with your Visa. Now that it's illegal, just asking, do you still have any?
The recent pattern of purchases by CindyDawg (cold pills, lithium batteries, Coleman fuel, coffee filters) makes us wonder if she is running a meth lab. We do swear and attest to these facts and ask that you grant a no-knock search warrant for the following address...
look up Operation Web Tryp. The secondary arrests were all made through credit card records, and the secondaries all thought they had been doing something legal!
Sounds to me the good Senator would like to get back at those little folks demanding accountability of him....
“The recent pattern of purchases by CindyDawg (cold pills, lithium batteries, Coleman fuel, coffee filters...”
Better yet...if CD’s been to vocally critical of the good Senator, why would’nt it just be too bad if somehow her account was hacked into...and certain items suddenly attributed to her?
Sheesh...my ancestors threw a King off the continent 237 years ago for less.....
Sorry folks...nobody said anything when they went after smokers who wanted to purchase (via internet) cheaper cigarettes from out of state.
And now look.
Regards,
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