Originally Posted by Ethersync

a) Trivial? You must not run a business. This is not just about credit card or paypal transactions. Cash transactions are also included. The amount of paperwork required to track all this is going to crush small businesses.

b) PayPal already reports income to the IRS. There has to be a balance here. This new system treats us like we are all guilty. And if the government is really concerned about tax compliance they need to look at themselves: http://latimesblogs.latimes.com/wash...taxes-irs.html

c) You clearly are way over your head here. In your example banks are reporting PROFIT earned from interest. That is not the same as reporting how much I spend on gas, food, shopping, etc.

Why does the government need to know everything you buy? Are we not entitled to any privacy?