DRANT #314: FORECLOSURE ACT: PULL DOWN YOUR PANTS

Portions of this were previously sent as DRANT Number 304, June 21, 2008 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Congress has now passed the  "Foreclosure Prevention Act" that they say - ostensibly- helps all us just folks survive the current housing national Repossessacide. That is total BS, of course, and is designed to save the Banks, and the people who did this to us in the first place. They are gonna do what they alwaaaaaays do:  print more of our money, and hand the bill to our kids. But even worse: "Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping 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." So what does this mean ? It means that every-  I say every -- single transaction you make will be reported to the Government. To repeat for the ones who slipped out for a tofuburger--- every -- single transaction you make will be reported to the Government. It means that the law will require 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. The contents of this agreement are despicable, but the method was far worse: secret drafting, hidden negotiations, no debate. Boom its over. And, of course, bribes galore for everyone, including a big fat pacifier for the Vets. So, we are either going to get our whining shoes on again, or do something. You now know the facts. You know what They are planning. Even Ron Paul is screaming about it. What are ya gonna DO about it  ? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ http://www.freedomworks.org/newsroom/press_template.php?press_id=2571 June 19, 2008 Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transactions to the Government Broad, invasive provision touches nearly every aspect of American commerce. Washington, D.C. -  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. FreedomWorks 601 Pennsylvania Avenue NW, North Building, Suite 700, Washington, DC 20004 Phone: (202) 783-3870 Fax: (202) 232-8356 Toll Free: 1-888-564-6273 www.freedomworks.org © 1996-2004 FreedomWorks. Online Privacy Policy