In fact, it’s not just Ebay. Congress wants Credit Card Companies, Ebay, PayPal, Amazon and Google to report on your online buying habits. Here’s the article I read about it…
It’s a provision hidden inside Christopher Dodd’s bill to bail out the mortage lender who gave him a sweetheart deal.
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.
The bureaucrats are fixing to tax the internet and don’t want to miss a cent to fund their hair brained schemes!
If you have an ebay business it could adversely affect you. If you do business online – who doesn’t these days? – it could expose you to identity theft.
Work At Home Business Opportunities Weblog | You Should Be Outraged At The Promise Of More Online Government Snooping on June 25th, 2008 at 12:40 pm
[...] already mentioned this here, but not only is “Bribe Me With Low Mortgage Rates Dodd” behind this, but also Chuck [...]