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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.
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
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
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.
Meaning, Paypal would take a slice of the money, at a certain tax rate, and give it to the IRS directly, then issue you a 1099 at the end of the year which you file along with your tax return.