Contact FreedomWorks

400 North Capitol Street, NW
Suite 765
Washington, DC 20001

  • Toll Free 1.888.564.6273
  • Local 202.783.3870
Electronic transaction reporting requirements slipped into Housing bill

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.

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW
Blog Hit

Electronic transaction reporting requirements slipped into Housing bill

BY Julian Sanchez

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.

06/20/2008