Posted on 07/28/2008 11:30:52 AM PDT by hripka
A freedom-focused grassroots organization has issued a nationwide alert about a plan in Congress that would require credit card companies, eBay, Amazon, Google and other companies to report what you buy to the federal government.
FreedomWorks chairman Dick Armey said the privacy implications are "breathtaking."
"This is a provision with astonishing reach, and it was slipped into the bill just this week," he said. "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," he said.
FreedomWorks said the provision is "hidden deep in Sen. Christopher Dodd's 630-page Senate housing legislation." It was added by the bill's managers without debate and calls for a tracking and reporting system "on nearly every electronic transaction."
(Excerpt) Read more at wnd.com ...
Why won’t Bush veto it?
When did Congress get into the marketing analysis field?
I despise Bushorats!
This won’t affect most people...Unless you have a transaction greater than $10,000 or more than 200 transactions (IIRC).
Would you rather have a mark on your forehead or hand? Rapture is this year, Tribulation will start soon. No sarcasm here.
Coincidentally I just canceled my ebay account yesterday, but that was over an unrelated customer service issue.
They won't drown. The stores don't have to track it. The card processing networks are already tracking this information (down to the line item detail for corporate purchases).
Undoubtedly, it will increase card processor and issuer business costs, which may or may not be passed on to the merchants in fees. But the feds don't care about that.
I have recently been involved in a project looking at how the 403(b) retirement plan industry is scrambling to meet the new IRS regs that take effect on 1/1/09. It requires the plan providers and sponsors to track all kinds of new data on participant fund withdrawals (loans and hardship withdrawals) just to make sure the feds can grab their pound of flesh. The industry is scrambling to be able to handle the data requirements -- with some vendors leaving the space, and plan providers (primarily educational institutions and non-profits) having to completely change the way they do business. The technology systems are still being designed at great cost and effort.
The amount of money being spent on the new compliance issues is immense -- all without adding a single penny of actual value to the process (it actually is reducing value). You think the IRS cares about that? (Obviously not.)
So as far as the new reporting requirements in Dodd's housing plan goes, I don't think the idea of drowning the merchants and the feds in this data will have any impact at all on the implementation of this new rule.
This isn’t about buying habits - it’s about trying to catch all of those eBay Power Sellers who are running their businesses under the table and not paying taxes.
For now.
What upcoming bill will have a small provision reducing those numbers?
Just like the seatbelt laws were optional and would never be mandatory nationwide? This a foot in the door by the idiots in power. If anyone thinks this will only be used to stop power sellers on Ebay, think again.
I don't doubt it at all.
Plus I think that eBay, etc. CAN report the smaller transactions -- it's just that they aren't mandated.
I agree with other comments along the lines that you will need the mark of the beast to do any sort of transactions on the Internets soon. The "Internets" meaning the eBays and the Paypals and the Craiglists -- WHAT??? You mean those are all owned by the same company??? And that company is left wing oriented? HMMMM
OK, That might explain Ebay, but why Google or Amazon? Doesn't Amazon pay their taxes? They want to know what you BUY!!
I agree they want to crack down on power sellers on Ebay, but all the transactions will cover what you buy.
Reminds me of this weekend -- State Patrol was pulling one car after another over after "viewing" their seat belt status from the side of the road when the cars were going 60-65 mph. Like they can make a reliable observation that way. The drivers got $124 tickets regardless of whether the belt was fastened when the trooper could actually see them.
The reporting provision would apply to merchants who earn more than $10,000 and make more than 200 transactions annually.
Thats almost everyone. Not per transaction over 10k, but earnings of 10k per year.
this is about setting up internet sales taxation.
In FL where the state income tax is unconstitutional, they are pissing and moaning about blaming the internet for lost sales tax revenue.
The powers that be in DC want to know WHAT you are buying so they can figure out HOW to tax it.
Bingo. You got it.
Makes ya think about paper forms, money orders and postage stamps...
If that’s true it’s a lot different from the bank requirement, which requires banks to reports transactions above $10,000 (where many report somewhat smaller ones anyway). This seems to be tracking the seller’s selling more than buyer’s buying, reinforcing the IRS aspect but not the title of the article.
The power to tax is the power to CONTROL.
Why are you buying a 3 gallon toilet tank?
Why are you buying electronics from overseas?
Why are you buying 100 watt lightbulbs?
A few years back the internal “contribution” service started auditing based on lifestyles to stated income. Imagine now if the government starts to think you are consuming too much.
If congress is asking for it, it would suggest that they already have the information they just want to find a way to legitimize a way to exploit the material.
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