Hidden in the Housing Bill Is Another Way That Lets The Fed Govt Spy On You!!!

[OmmmSweetOmmm]

http://rpc.senate.gov/public/_files/L62HR3221Houseamendments0618SN.pdf

See page 12 of the pdf


This means any purchase you make online will be sent immediately to the Federal Government and all people selling online will also have their transactions reported to the Fed.

From the Senate Bill Summary:

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.

[NightWatcher]

1. tracking all of my credit card purchases equates to federal housing, how?

great, now the gubment knows I like my midget porn

[OmmmSweetOmmm]

2. Exactly. It has nothing to do with housing. In the Military Funding bill they snuck in

extending unemployment benefits-a good thing. But what did that have to do with war funding?

[MichiganVote]

3. What the hell does the government need to track my shoe size for?

Seriously, we're going to pay taxes for salaries for government employees to monitor what I shop for? Hell I can send them an email for that. Bunch of boneheadcrats protecting their agencies from termination and cuts.

[On the Road]

4. What Does This Mean?

"This proposal is estimated to raise $9.802 billion over ten years.

Is the idea to look for taxable revenue from online sellers?