Another gem from a dumbocrat

[Cobrabill]

Here's something from one of Obama's buddies:

FreedomWorks
June 19, 2008

Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transactions to the Government
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 Americas 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.

[Ron61]

Bill,

They can't even keep their own darn military stuff safe. This sounds like just another step for the Govt. to take over and eventually evolve into an outright Communist State. What next, monitors in peoples homes so they can watch and listen to anything that goes on in them. I have heard that Obama's wife made several statements about taking the power away from Whitey and giving it to the deserving people. If this is true or not I don't know as I won't watch CNN which is nothing but a Democratic Propaganda Machine in my opinion.

Ron

[wtm442]

To me, it looks like the IRS wants to gather as much info as possible to catch people under-reporting their income. If your credit card charges exceed their net income reported on their 1040, then the IRS could go after you.

Hmmmmmmmmmmmmmmm. 1984. Big Brother is watching! Time to throw the sledge hammer ... vote the bastards out. Do not vote for ANY incumbent.

[Ron61]

Warren,

Then the IRS should go after the Govt. Their charging is always exceeding their income by huge amounts. Just charging a big amount doesn't mean that you have the income to pay it. That is why so many people are in a mess now. I couldn't believe the amounts they gave back during the big credit collapse that some people had charged on charge cards. Heck, I didn't even know that they issued cards with the limits that some people owed.
But I don't like them keeping on with their spying on every person either. It is none of their business if you go down here and buy a pair of pants or something.

Ron