Ron Paul on the Mother of All Bailouts - DFWstangs Forums
 
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post #1 of 12 (permalink) Old 07-24-2008, 07:47 AM Thread Starter
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Ron Paul on the Mother of All Bailouts

Slipped into the housing bill, was the stipulation that all credit card transactions must now be reported to the IRS.


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post #2 of 12 (permalink) Old 07-24-2008, 08:08 AM
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..and instead of Ron Paul, we get Obama & McCain???


sheesh.

Would someone like to tell me how the IRS is going to keep track of all of those transactions ? And how long until the ACLU gets involved ??

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post #3 of 12 (permalink) Old 07-24-2008, 08:15 AM
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ALL credit card transactions reported to the IRS? Geez, now that is scary. The feds will know almost everything you do in life. If you buy porn on the web, the feds will know. If you buy beer, wine, or liquor, the feds will know.

Makes you want to carry a lot more cash.

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post #4 of 12 (permalink) Old 07-24-2008, 08:17 AM
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post #5 of 12 (permalink) Old 07-24-2008, 08:17 AM
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Quote:
Originally Posted by fitzwell
..and instead of Ron Paul, we get Obama & McCain???


sheesh.

Would someone like to tell me how the IRS is going to keep track of all of those transactions ? And how long until the ACLU gets involved ??
Honestly, I don't think it would be that hard. All those transactions are kept on databases. All the IRS needs is are computers and storage, then they can have real time replication of those databases over the a dedicated datalink.

But of course the government will protect our privacy [/sarcasm]

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post #6 of 12 (permalink) Old 07-24-2008, 08:59 AM Thread Starter
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The scary thing is our currency based on bad mortgages, trading security bills for mortgages securities.

As for the IRS, this is a way for them to track your spending and the first stage to knowing what you did and didn't pay taxes on. Meaning, once this information can be used by the states, they will be able to tax you on internet purchases that you didn't pay state taxes on. It's the first stage of the battle on taxing internet purchases.

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post #7 of 12 (permalink) Old 07-24-2008, 09:08 AM
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Quote:
Originally Posted by fitzwell
..and instead of Ron Paul, we get Obama & McCain???


sheesh.

Would someone like to tell me how the IRS is going to keep track of all of those transactions ? And how long until the ACLU gets involved ??
its a damn shame..
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post #8 of 12 (permalink) Old 07-24-2008, 09:33 AM
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Quote:
Originally Posted by Sgt Beavis
Honestly, I don't think it would be that hard. All those transactions are kept on databases. All the IRS needs is are computers and storage, then they can have real time replication of those databases over the a dedicated datalink.

But of course the government will protect our privacy [/sarcasm]
It would take a huge budget just to provide them all. That comes back to the lender, which comes back to the consumer.

Then there is the budget for the hardware to store all oif that, and retrieve and report on that for their analysis. Huge. Really huge. Billions just to build, and billions to maintain. Some will be consumer funded, some will be taxpayer funded. Almost all will be maintained by dotheads who don't give a fuck about your privacy.

And it does nothing really to alleviate any kind of tax fraud.
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post #9 of 12 (permalink) Old 07-24-2008, 01:34 PM
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Surely this only so they send us rebate checks for all of the sales taxes we are forced to pay via credit card transactions.

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post #10 of 12 (permalink) Old 07-24-2008, 02:04 PM
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Quote:
Originally Posted by Casper
It would take a huge budget just to provide them all. That comes back to the lender, which comes back to the consumer.

Then there is the budget for the hardware to store all oif that, and retrieve and report on that for their analysis. Huge. Really huge. Billions just to build, and billions to maintain. Some will be consumer funded, some will be taxpayer funded. Almost all will be maintained by dotheads who don't give a fuck about your privacy.

And it does nothing really to alleviate any kind of tax fraud.
Oh I'm well aware of the costs. I'm just saying that it is technically very doable.

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post #11 of 12 (permalink) Old 07-24-2008, 03:15 PM
 
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Check out Karl Denninger's video:

http://market-ticker.denninger.net/a...-IMMINENT.html



I pray to god the senate can block it.
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post #12 of 12 (permalink) Old 07-24-2008, 09:36 PM
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That sucks ....... lets hope it gets knocked out .
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