Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transacti

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

www.freedomworks.org

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.

(visit the link for the full news article)

Mod Edit: Breaking News Forum Submission Guidelines – Please Review This Link.


[edit on 20/6/2008 by Mirthful Me]

Here goes some more of our freedoms. What will the purpose of this information be? Just another way they will be able to track us in the near future when the NWO starts taking shape.

www.freedomworks.org
(visit the link for the full news article)

Mod Edit: Breaking News Forum Submission Guidelines – Please Review This Link.


[edit on 20/6/2008 by Mirthful Me]

reply to post by bakednutz


Nice find BN. I thank you for this info, as I am a small business owner. This is just way beyond any reasoning. How are they going to keep track of all this info?

reply to post by endrun


Not sure how they would keep track of this info but I would bet it will be used by the CIA SS, or any other agency in the name of "national security" and to track people.

Originally posted by bakednutz
reply to post by endrun

 

Not sure how they would keep track of this info but I would bet it will be used by the CIA SS, or any other agency in the name of "national security" and to track people.

It will probably get fed into a database that is cross indexed with various other recorded information that is relevent to the individual/business. It then likely will just stay there until there is a potential reason for it.

I would also guess that there will be a filtering program that will automatically alert to a puchase that does not fit into the overall spending trend.

Great find, bakednutz...

A fabulous example of how our law makers can really do whatever they want and we the public know nothing about it. Prior to the internet, I never would have heard anything regarding this.

I don't think we understand what a powerful tool we have here...

I'm not really for this, but I can't find anything that states that any detail on transactions will be reported to the IRS. The summary states that only the gross amount of reportable transactions will be reported...

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

Source:

This means that the third party that settles credit card transactions for a business must report to the IRS the total dollar amount paid to that business for tax purposes. No detailed transaction information involved.

The implication here is that come April 15th, if there is a big discrepency between reported income by a business to the IRS, and the amount reported to the IRS by the settlement institutions to that business, there 'may' be reason to believe that the business did not report truthfully.

This is just another mechanism to get people to pay their taxes honestly. Whether you agree with the tax system is another topic.

Why it is burried deep in H.R. 3221 is highly suspect, though

Originally posted by MemoryShock

It will probably get fed into a database that is cross indexed with various other recorded information that is relevent to the individual/business. It then likely will just stay there until there is a potential reason for it.

Ya they have this setup for walmart stores.. When idiot A buys something it sends off to main hq in real time.. There is no delay so if you bought a bottle of KY or something they would know about it right as you bought it..

If they do this i think they would do a setup similar to walmart.

Ongoing news discussion...

Here:

www.abovetopsecret.com...

Thread closed.