Senate Bill Requires eBay, Amazon, Google, All Credit Card Companies to Report Transa - GoFuckYourself.com

spunkmaster · 06-19-2008, 02:02 PM

Broad, invasive provision touches nearly every aspect of American commerce.

WASHINGTON, DC - 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.

FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."

"Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers.

"At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications."

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.

IllTestYourGirls · 06-19-2008, 02:11 PM

who slipped it in Dodd?

pornguy · 06-19-2008, 02:13 PM

Fucking amazing what these people try and get away with.

Matiz · 06-19-2008, 02:15 PM

That's really bad.

pr0 · 06-19-2008, 02:21 PM

American businesses will just continue moving overseas due to things like this.

bignasty · 06-19-2008, 02:29 PM

Quote:

Originally Posted by pr0

American businesses will just continue moving overseas due to things like this.

yeah, seems like they're doing all they can to ruin the country

Socks · 06-19-2008, 02:32 PM

Land of the free

fusionx · 06-19-2008, 03:05 PM

Quote:

Originally Posted by spunkmaster

...
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.

What the fuck is that doing in there? Did they copy and paste their shit from another bill? I swear, no one reads these things before they vote..

IllTestYourGirls · 06-19-2008, 03:52 PM

Quote:

Originally Posted by fusionx

What the fuck is that doing in there? Did they copy and paste their shit from another bill? I swear, no one reads these things before they vote..

Most do not have time to read them before they are forced to vote on them. The problem is there are too many bills. Another case for limited government.

marketsmart · 06-19-2008, 04:33 PM

that is just crazy.. i hope this bill gets shot down...

directfiesta · 06-19-2008, 04:38 PM

1984 .....

MrPinks · 06-19-2008, 04:55 PM

Bullshit bill which I hope doesn't pass. Will this include all epassporte and paypal transfers?

IllTestYourGirls · 06-19-2008, 05:26 PM

and I thought the dems where fighting all the unconstitutional acts of bush! I guess they just wanted to make their own...

Chris · 06-19-2008, 05:30 PM

Quote:

Originally Posted by MrPinks

Bullshit bill which I hope doesn't pass. Will this include all epassporte and paypal transfers?

i know i for one never gave epassporte my social security number
so even if epass reported it all they would be reporting is a name and an amount

but i always play it safe and claim all monies earned even via epassporte

robfantasy · 06-19-2008, 06:10 PM

lets here what the obama cheerleader cock suckers on here have to say about this.

tony286 · 06-19-2008, 06:23 PM

do you have a link searched google news nothing came up?

IllTestYourGirls · 06-19-2008, 06:25 PM

Quote:

Originally Posted by tony404

do you have a link searched google news nothing came up?

happy reading

http://rpc.senate.gov/public/_files/...ents0618SN.pdf

tony286 · 06-19-2008, 06:32 PM

it says transactions 10k and under are exempt. page12

IllTestYourGirls · 06-19-2008, 07:07 PM

Quote:

Originally Posted by tony404

it says transactions 10k and under are exempt. page12

I am missing your point.

tony286 · 06-19-2008, 07:10 PM

Quote:

Originally Posted by IllTestYourGirls

I am missing your point.

The same thing already exists, go to a casino and win over 10k it will be reported, deposit or wire over 10k it will be reported (remember the gov of ny)

Zango · 06-19-2008, 08:22 PM

Quote:

Originally Posted by pr0

American businesses will just continue moving overseas due to things like this.

And Americans will continue to leave too.

06-19-2008, 02:02 PM	#1
spunkmaster Confirmed User Join Date: Jan 2004 Posts: 2,052	Senate Bill Requires eBay, Amazon, Google, All Credit Card Companies to Report Transa Broad, invasive provision touches nearly every aspect of American commerce. WASHINGTON, DC - 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. FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking." "Privacy groups like the Center for Democracy and Technology and small business organizations like the NFIB sharply criticized this idea when it first appeared earlier this year. What is the federal government's purpose with this kind of detailed data? How will this database be secured, and who will have access? Many small proprietors use their Social Security number as their tax ID. How will their privacy be protected? What compliance costs will this impose on businesses? Why is Sen. Chris Dodd putting this provision in a housing bailout bill? The bill also includes the creation of a new national fingerprint registry for mortgage brokers. "At a time when concerns about both identity theft and government spying are paramount, Congress wants to create a new honey pot of private data that includes Social Security numbers. This bill reduces privacy across America's payment processing systems and treats every American small business or eBay power seller like a criminal on parole by requiring an unprecedented level of reporting to the federal government. This outrageous idea is another reason to delay the housing bailout legislation so that Senators and the public at large have time to examine its full implications." 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. __________________

06-19-2008, 02:11 PM	#2
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	who slipped it in Dodd? __________________

06-19-2008, 02:13 PM	#3
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	Fucking amazing what these people try and get away with. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

06-19-2008, 02:15 PM	#4
Matiz Confirmed User Join Date: Mar 2004 Location: ICQ:342419601 Posts: 1,740	That's really bad. __________________ ...

06-19-2008, 02:21 PM	#5
pr0 rockin tha trailerpark Industry Role: Join Date: May 2001 Location: ~Coastal~ Posts: 23,088	American businesses will just continue moving overseas due to things like this. __________________ __________ Loadedca$h - get sum! - Revengebucks - mmm rebills! - webair (gotz sErVrz)

06-19-2008, 02:32 PM	#7
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,475	Land of the free

06-19-2008, 04:33 PM	#10
marketsmart HOMICIDAL TROLL KILLER Industry Role: Join Date: Dec 2004 Location: Sunnybrook Institution for the Criminally Insane Posts: 20,419	that is just crazy.. i hope this bill gets shot down...

06-19-2008, 04:38 PM	#11
directfiesta Too lazy to set a custom title Industry Role: Join Date: Oct 2002 Location: Montreal, Quebec Posts: 29,661	1984 ..... __________________ I know that Asspimple is stoopid ... As he says, it is a FACT ! But I can't figure out how he can breathe or type , at the same time ....

06-19-2008, 04:55 PM	#12
MrPinks Registered User Join Date: Oct 2003 Location: FL Posts: 1,767	Bullshit bill which I hope doesn't pass. Will this include all epassporte and paypal transfers?

06-19-2008, 05:26 PM	#13
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	and I thought the dems where fighting all the unconstitutional acts of bush! I guess they just wanted to make their own... __________________

06-19-2008, 06:10 PM	#15
robfantasy Confirmed User Industry Role: Join Date: Jun 2002 Location: Medellin, Colombia Posts: 6,445	lets here what the obama cheerleader cock suckers on here have to say about this. __________________ Looking to speak w/ high volume nutra CPA affiliates or networks... msg me

06-19-2008, 06:23 PM	#16
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	do you have a link searched google news nothing came up?

06-19-2008, 06:32 PM	#18
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	it says transactions 10k and under are exempt. page12