Tuesday, June 24th, 2008
Hidden Gems In The Dodd (D) Foreclosure Bill
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.
Closing down the eBay / PayPal loop hole and hey, lets throw in a little credit card transaction monitoring too.
Do you spend more than $10,000.00 a year on your credit card? Well if this goes through, after 2010, the I.R.S. will be watching you.
Hat tip to Steve for the info -
Edit - I think it also does away with the home ownership capital gains exemption, although I can’t tell for sure.
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June 25th, 2008 at 12:39 pm
Michael said:
Why is this stuff in a Housing Bill? I am not sure why this provision is in a Housing Bill. Call your senators and stop this bill, which is over-reaching at best:
1-866-928-3035
January 11th, 2010 at 1:31 pm
Barry J said:
Thanks for noticing this. You have to watch these guys like a hawk or they will take over. Make me just cringe to think about the health care bill.