Jun

24

Housing Bailout Bill - New Provision: Reporting Credit Card Use!

June 24, 2008 | By PA Pundits |

Dear Bloggers and Readers,

I was wondering if you could post and comment on either this short op-ed or the video on the Housing Bailout Bill provision for mandatory credit card transaction reports to the IRS from businesses.

This is a gross violation and overreaching of the Federal Government. Please help out!

Thanks so much!

Michael Mruk
Freedom Works

Ed,
Wonderful! Yes, by all means, distribute the article and the video far and wide, telling taxpayers everywhere that now is the time to call your senators demanding that this Housing Bailout Bill CANNOT be tolerated!

This Housing Bill is a moral hazard and contains provisions for finger-printing and credit card reporting to the Federal government!

Thank you for your assistance in helping to keep America free!

Michael Mruk

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.

Contact:  Adam Brandon
Phone:   202-942-7612
Email: abrandon@freedomworks.org

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.

Call Congress and Tell Them to Oppose The eBay Reporting Provision in the Housing Bill: 1-866-928-3035

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 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 :

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.

Stop Senator Charles Grassley from Snooping on America!


http://www.youtube.com/watch?v=eURvJmYT5X0

Do you use Ebay, PayPal or Amazon? Senator Charles Grassley wants to know.

Grassley plans to create a new government database that tracks businesses online sales. His law would require companies to report sensitive detailed information about millions of online purchases.

Help us stop Grassley from snooping on America. Keep the internet safe from big brother and Charles Grassley.

Visit to find out more.

Please Call NOW!  1-866-928-3035 (Toll Free)
Tell Congress to Oppose The eBay Reporting Provision in the Housing Bill: Also contact Congress via e-mail or letter here.
Do It Now!

Read More at

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Filed Under: 110th Congress, Dhimmicrats, Information Security, PA Pundits

  • The Conservative Revolution » Blog Archive » New video slams Senator Chuck Grassley for Snooping on Americans pinged this post.

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    Comments

    2 Comments so far

    1. Scrapiron on June 24, 2008 23:24

      And the democrats, aka communist, pretend to worry about FISA.

    2. The Conservative Revolution » Blog Archive » New video slams Senator Chuck Grassley for Snooping on Americans on June 27, 2008 11:08

      [...] For more background, which the video doesn’t provide, read this. [...]

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