The Alex Jones Show:Get Ready for Dodd's "eBay Reporting"

http://prisonplanet.com/articles/june2008/062408_privacy_busting.htm
The global online auction giant eBay has responded to a frightening piece of legislation that will force retailers to report every transaction to the federal government, warning that it will "negatively impact individual Internet users, the growth of small businesses, and entrepreneurial and economic empowerment."

The provision is hidden in Senator Christopher Dodd's 630-page Senate housing legislation and according to the Freedom Works organization "affects the privacy and operation of nearly all of America's small businesses," because it "would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government."

The creation of such a gargantuan database of individual transactions would be wide open to abuse and fraud and is a complete violation of the fourth amendment.

"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," announced Freedom Works.

The HR 3221 provision reads as follows.

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.

Some have pointed out that the "exception" appears to negate the inclusion of transactions under $10,000 but judging by eBay's response this is not the case.

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[chrism20]

Does this even matter? All your transactions are traced through bank statemnts and credit card statements anyway. Anyway there are billions of transactions daily. Sure another computer system so to speak can track this but what does this matter? Why should a honest person care if your purchases are tracked anyway? ( I don't agree with cameras in homes and id chips in driver's license however..but that's a different story)

[TheAlexJonesChannel]

this is about "LIVE reporting" of every transaction you make! and you don't have a choice!

[MCJohnnyFresh]

Ron Paul

[odin422]

Pull OUr Troops OUT!!

SUPPORT THE G.I. RESISTANCE!!

Great reporting Alex

[kiddpoor]

I got a ? if you paid 500 and a year latter sell it fo 200 is that not a loss? Can I claim it as such?

[ArcadeGames]

IRS is greedy. Thanks for screwing up a good thing.

[houstonTx457000]

@stonerj0e shit they're going to tax you when your dead .. the motherfuckers!

[stonerj0e]

they're gonna tax the shit out of you till you're dead !!!

[stemcellfilms]

god bless you and thank you so much.

babylon will knock it self down.

[demented669]

thanks for the info never even though of looking at that.. guess i still have to much floride on the brain... not funny but if i don't laugh at it ill cry..

[bebop54]

" taxation without representation is TYRANNY' ....

here it is folks !!!!!!!!!!!

[callieland]

i hadnt heard about this, however, did anyone else see senator dodd's speech today on cspan? it was one of the most inspiring things ive ever seen. he spoke passionately urging his colleagues to vote against this FISA bill (HR 6304) which would grant sweeping immunity to the telecom companies who participated in the domestic spying. if this bill were to pass we would never know why 100% of all the communications through AT+T's main facilty were recorded. that should scare anyone.