Electronic transaction reporting requirements slipped into Housing bill
By Julian Sanchez | Published: June 20, 2008 - 12:54PM CT
A bill under consideration in Congress to bail out homeowners affected by the mortgage crisis enjoys strong bipartisan support, despite a recent White House veto threat. But the free-market advocacy group FreedomWorks is drawing attention to a provision introduced on the Senate side that has little to do with housing loans: a measure that would require credit card companies and electronic payment processors, such as PayPal, to file aggregate transaction reports with the IRS listing their total annual payments to individual merchants who receive more than $10,000 and conduct more than 200 transactions each year.
The reporting provision was introduced without debate as a revenue offset measure, meant to defray the costs of the housing bailout. According to the Senate's summary, the measure is projected to raise some $9.8 billion in revenue over 10 years by increasing tax compliance and encouraging merchants to accurately report their income.
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Sen. Reid is trying to pass
Sen. Reid is trying to pass this bill under the radar by invoking a cloture vote at 11:00am EST.
We have less than ONE hour to stop this thing!!!
Call your Senators at 1-866-928-3035 and tell them to vote NO.
Call the senate and stop this provision and the Bailout
We have Chris Dodd recieving $75,000 in VIP savings from Countrywide, for whom he is pushing the Bailout legislation that will save them $25 billion. In retrospect, I think they get the better deal. Now with the emergence of this credit card reporting provision, the common man yet again gets the worst of it. Why does Dodd, Countrywide and others get a break at the expense of the taxpayer? If this does not hurt you to your core than there is no reason to feign anger over this bill. Call your senators, and in the next few weeks as the House and Senate come to an agreement before the final bill is passed in both houses, tell your friends. Get the word out. The time to stop this and get working is now. Reading this article won't help. Getting involved will:
1-866-928-3035
http://www.freedomworks.org/newsroom/press_template.php?press_id=2571