All Credit Card Transactions To Be Reported to IRS, page 1
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ATS Members have flagged this thread 3 times
Topic started on 24-7-2008 @ 05:39 PM by ModernAcademia

All Credit Card Transactions To Be Reported to IRS


www.campaignforliberty.com
Yesterday Congress passed a housing bailout bill by a vote of 272 to 152. Here is a typical MSM story about the bill from the LA Times that lauds the importance of these “sweeping measures” that will “stave off foreclosure for 400,000 or more homeowners,” and allow the Treasury to “bolster confidence in Fannie and Freddie” by allowing the government to “temporarily increase its lending” and “buy their stock.” Couched in these terms, it probably sounds good to most Americans.
(visit the link for the full news article)


reply posted on 24-7-2008 @ 07:31 PM by mybigunit


Good video here. RP explains what the government does not want you to know.


reply posted on 24-7-2008 @ 08:50 PM by Zarniwoop
Good video indeed

Here’s what RP said about the credit card portion of the Bill in his video

“All credit card transactions will be reported to the IRS
…More regulations, more reporting, more surveillance
…More surveillance of every single thing you do in life
…Everything you buy and sell on your credit card…every transaction will be reported to the IRS.”

I looked at the bill located here

Entire Bill

The section relevant to this thread starts on page 615

Here is the text from the bill to compare to RP’s commentary:

13 ‘‘(a) IN GENERAL.—Each payment settlement entity
14 shall make a return for each calendar year setting forth—
15 ‘‘(1) the name, address, and TIN of each par
16 ticipating payee to whom one or more payments in
17 settlement of reportable transactions are made, and
18 ‘‘(2) the gross amount of the reportable trans
19 actions with respect to each such participating
20 payee.


So… payment processors are required to furnish to the IRS the merchant's contact information and the gross amount of payments made to the merchant.

I agree with a lot of things RP has to say. However, in this case, I don't think he read the bill.


reply posted on 24-7-2008 @ 09:07 PM by lynn112
reply to post by Zarniwoop


You are right, this bill does not report the everyday transaction, but my question is, how long before they do go there? If the IRS can prove they can handle this influx of new data, what is to stop the IRS from wanting more details in the name of catching people not paying the proper amount of taxes?

Even the notion of this type of thing ever happening makes me glad that I use cash almost exclusively now.


reply posted on 27-7-2008 @ 09:37 AM by The Godfather of Conspira
reply to post by Anonymous ATS


The outrage? You handed your rights to the Bush Admin on a silver platter, willingly I might add.

Of course in retrospect we realise the War on Terror, Osama, Al-Qaeda, Islam, Iraq; it was all one big charade to scare us into giving up everything we had like a stick up but nevertheless, don't complain, the Republicans outwitted everyone.

And now your paying the price and realising the US is just a few steps away from 1984, Bush-style.

Pretty soon you won't be able to a take a dump without Congress knowing.
Another reason I'm glad I'm not in the US.

[edit on 27/7/08 by The Godfather of Conspira]


reply posted on 27-7-2008 @ 09:45 AM by mybigunit
Originally posted by The Godfather of Conspira
reply to post by Anonymous ATS


The outrage? We handed our rights to the Bush Admin on a silver platter, willingly I might add.

Of course in retrospect we realise the War on Terror, Osama, Al-Qaeda, Islam, Iraq; it was all one big charade to scare us into giving up everything we had like a stick up but nevertheless, don't complain, the Republicans outwitted everyone.

And now we're paying the price and realising we're just a few steps away from 1984, Bush-style.

Pretty soon you won't be able to a take a dump without Congress knowing.
Another I'm glad I'm not in the US.


People we need to get over this whole idea the "Republicans & Bush" outwitted us. The fact is ALL of them did. Both the Democrats and the Republicans. This is the truth and as long as people keep buying into that one party is better than they other and come fully to the realization they are both of the same skin. They just wear different disguises. The fact is the Dems could of done a lot since 2006 or at least TRIED to do something and nothing has been done. In fact the Dems with the passing of the wiretapping laws and what not have made this situation even worse. 2 Party crime family and all of them are laughing all the way to the bank. God Bless America


reply posted on 27-7-2008 @ 12:36 PM by Ian McLean
reply to post by Zarniwoop


Nah, the new legislation, as well as mandating this reporting, explicitly adds the reported information to the Tax Code list of 'other reportable payments', which already-existing law makes subject to backup withholding requirements. See 26USC3406.


reply posted on 27-7-2008 @ 12:59 PM by loam
reply to post by Zarniwoop


Nice job!

I hope more read your posts to understand exactly what was in this legislation.


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