Posted on 06/23/2008 10:04:04 AM PDT by STARWISE
Broad, invasive provision touches nearly every aspect of American commerce.
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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.
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Call Congress and Tell Them to Oppose The eBay Reporting Provision in the Housing Bill: 1-866-928-3035
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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:
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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.
“BINGO! IMHO this is the first step towards putting sales tax both national and state upon each credit card transaction.”
Maine already has this in the form of a “use tax.”
I’m noticing more and more when I buy something online from a company outside of Massachusetts that they still charge me the 5% Massachusetts sales tax. It’s a complete joke. If you use credit card, there is a record of the transaction. How long before the dimwits start trying retroactive taxation?
Not too long ago the very same proponents of this act were denouncing grocery stores for “tracking customer’s buying habits” and complaining that such behavior was tantamount to Hitlerism.
Or postal money orders.
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Have you called your Senator and protested this Bill?
Called the local office of both of my Senators. One office person knew exactly what I was talking about and the other one didn’t have a clue. Hopefully word will still get to Washington about how I feel about the huge invasion of privacy.
6/19/2008
ORIGINAL POST w/ 135 Replies:
Senate Bill Requires eBay, Amazon, Google, All Credit Card Companies to Report Transactions
http://www.freerepublic.com/focus/f-news/2033470/posts
Not only do they want to spy on your transactions, but do you know how they want to fund this??
BY ROBBING YOUR OWN HOME EQUITY IF YOU RENT OUT YOUR HOUSE.
Let’s say that you had to move for your job (like many military members) and decided to rent out your primary (or only) residence (especially if you couldn’t sell it).
Guess what: under the provisions of the Dodd bill, any such periods of rental after 2008 will be counted as a period of non-personal use, and the amount of time you rent out that house will cause the amount of tax-exempt gain from any home equity appreciation to SHRINK.
I have already noted to my Senators the damage that this will cause to thousands if not millions of Americans. And it is an especial kick in the fragile parts to landlords (some of whom are military) who have already leased out their primary home into 2009.
So what will people do?
Rent out their homes on the sly?
Have to sacrifice them at bargain prices to vultures ((who probably are supporting Dodd- and let’s not forget aboutjust about all the CONgresscritters in both parties who have lined up with Dodd on this junk))?
Protest now!
Yep to “term limits!”...long over-due...
And the SAD part will come when the Republicans vote for this!
Anybody heard if Bush will veto and if it can be sustained?
With all the accompanying "bi-partisan" pats on the back, with a Rose Garden signing ceremony surrounded by a "bi-partisan" mix of onlooking legislators for the photo-op.
Puke.
Dodd, and 99 other Senators, Congressmen, the executive branch and federal bureaucracy.
Senate Housing Bill Requires eBay....+ All Credit Card Companies to Report Transactions to Govt
Monday, June 23, 2008 12:04:04 PM
· by STARWISE
· 51 replies
· 1,228+ views
“A bill that would try to jump start a recovery for the housing and mortgage sectors goes too far, the White House said Thursday, threatening a presidential veto if Congress approves it.”
Standard Oil of New Jersey (SONJ) - or Esso (S.O. or Eastern States, Standard Oil) - renamed Exxon, now part of ExxonMobil. Standard Trust companies Carter Oil, Imperial Oil (Canada), and Standard of Louisiana were kept as part of Standard Oil of New Jersey after the breakup.
Standard Oil of New York - or Socony, merged with Vacuum - renamed Mobil, now part of ExxonMobil.
Standard Oil of California - or Socal - renamed Chevron, became ChevronTexaco, but returned to Chevron.
Standard Oil of Indiana - or Stanolind, renamed Amoco (American Oil Co.) - now part of BP.
Standard’s Atlantic and the independent company Richfield merged to form Atlantic Richfield or ARCO, now part of BP. Atlantic operations were spun off and bought by Sunoco.
Standard Oil of Kentucky - or Kyso was acquired by Standard Oil of California - currently Chevron.
Continental Oil Company - or Conoco now part of ConocoPhillips.
Standard Oil of Ohio - or Sohio now part of BP.
The Ohio Oil Company - more commonly referred to as “The Ohio”, and marketed gasoline under the Marathon name. The company is now known as Marathon Oil Company, and was often a rival with the in-state Standard spinoff, Sohio.
Other Standard Oil spin-offs:
Standard Oil of Iowa - pre-1911 - became Standard Oil of California.
Standard Oil of Minnesota - pre-1911 - bought by Standard Oil of Indiana.
Standard Oil of Illinois - pre-1911 - bought by Standard Oil of Indiana.
Standard Oil of Kansas - refining only, eventually bought by Indiana Standard.
Standard Oil of Missouri - pre-1911 - dissolved.
Standard Oil of Louisiana - always owned by Standard Oil of New Jersey (now ExxonMobil).
Standard Oil of Brazil - always owned by Standard Oil of New Jersey (now ExxonMobil).
No problem, I'd be thrilled in fact. If they insist on making yard sale proceeds into business income, then the original purchase is a purchase of inventory which is deductible as a business expense, so I'll show a loss, which will be a net SUBTRACTION from my tax bill.
Which will do no more than bring prices back down out of the stratosphere to where they ought to be. Inflated home values are not a good deal for homeowners. They have to pay inflated prices on the house they move into when they sell, moving up in house is more expensive, and the goobermint and real estate brokers get a big raise for doing the same work as before.
I kind of doubt the not making the payments part because of the low interest and points he received which first brought the issue to light. If the bank were intending to make the actual payments on the loan, wouldn’t it have been far more politically savvy to make a standard loan in terms of interest and points? It would be a lot less likely to draw attention, and if anyone did notice he had a Countrywide mortgage, he could point to the fact that he had paid market interest and points, same as anyone else.
The VIP program was likely established to share perks with many while giving the main man some cover for the loan not requiring repayment. The loan became a laundered bribe.
Bump
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