missprintsvintage wrote (View Post): › Stupormarkets have been monitoring your purchases and compiling your profile for several years. That's an unhappy thought. But true. California: I write a check: I give them my phone number; next time I write a check it goes though to my bank account same instant without providing any additional documentation. I swipe a credit card: my purchases are also added to my profile. They know exactly what I purchase, how much, and how often. Lots of Big Brothers are watching. At certain threshold amounts the Market hands me a 5% coupon. I'd rather they lower prices but I don't run the joint. Heard in 1962:''Pay the IRS every cent you owe and not a penny more.'' George Petersen, CPA (d. 2000)

I hate that too! These places compiling everyone's personal info. Google saves everything. Everyone's personal info, posts, web pages, profiles, advertising, etc........ They have saved everything that has ever been put on their computers. They won't give it up to the U.S. government though without a court order.

"THERE NEEDS TO BE A LAW"! To bad most of the government officials don't stand up for the American public anymore. There are alot of Congressmen that go to bat for the American citizen but both houses at this time are controlled by people that think having "Tea & Cake" with forgeign governments who cheered when the terrorists flew 3 jet passenger planes into our buildings. Both houses are controlled by people that for the last 20 years think that by letting all these foreigners into the country to take our jobs and letting our jobs be exported will make Americans prosper. "Boy, weren't they wrong"!

"...if the IRS computer sent up a Red Flag? Wouldn't the IRS computers have to store detailed information of each transaction including the payer of the monies identity if an investigation was warranted on the Payee."

IF you have done something to attract the attention of the IRS they can and will investigate you. If they suspect that you have undeclared income they can and will audit you -- a "life style audit" is quite common. Other agencies can and will investigate you for either criminal activity -- a criminal enterprise -- or security reasons at their discretion. And enterprise doesn't mean "big business" -- it's anything being carried out to derive illicit profit from "illegal" activities (including tax evasion) whether it involves 1 or 100+ people.

They have no reason to "red flag" your bank or credit card accounts other than determining who holds them and the account numbers. If they are questioning your tax filings versus suspect undeclared income, or looking into you as a suspected participant in a criminal or security enterprise risk they will access those records, along with the private sector marketing data banks which stores info reflecting your true spending habits which include cash expenditures.

As missprintsvintage so adroitly pointed out, there are gigantic "market research" data banks constantly being updated which record an individual's spending volume and habits. The IRS and other government agencies have ready access to these, usually without warrant or your knowledge.

Unless you have totally fallen off the grid -- includes living in a pure cash world for income and expenditures, no registration of property (i.e., cars, homes, rental units) in your name, no utility bills, avoiding all surveillance cameras and recordings found in all sectors of society, ad infinitum -- you are already "under surveillance."

The public's right to privacy is a myth, pure and simple.

"They won't give it up to the U.S. government though without a court order."

Unless it's requested under a declaration covered by the Patriotic Acts, or under cloak of the Tax Court (branch of the IRS) declaring criminal tax fraud -- no court order required, just a signed affidavit which cannot be left with the business or agency receiving such an order. And, the business or agency forced into compliance with such an order is prohibited by law of notifying the individual or entity under "review" that they complied with such an order.

I've always been under the impression that the ACLU is funded by the U.S. government.

I'm getting under the impression that the reason the U.S. government is allowing so many illegals into this country and letting our jobs be exported to forgeign countries is to keep the American citizen at a set income level so they can't get the money to fight some of these things you stated concerning privacy issues, bad laws & government praticises.

********My statements above are just speculation and theoretical dribble that are not fact and have no proof to back them up********

It is fact that with excessive jobs in the country that can't be filled would force employers to take less in profit and pay more to the employee's.

And whose going to PAY these people? To do this job of collecting all this information to add up all those big bucks were making? (HA-HA-HA)

The federal government of course which = YOU THE TAX PAYER.

Just another FINE example of our governments wasteful spending!! As if we need to SPEND any more money....makes me sick!

Just what we need is some more pencil pushing, calculator loving geeks sitting around making thousands of dollars (government money of course) and going after you or your neighbor for the $10.00 they made selling a barbie doll.

What next? Look out Auntie Em - your garage sale is going to be taxed!!!

Then to boot - (once they nail that million dollar making barbie seller) their going to lose all our data and when our identies are stolen, someone buys a house and a brand new car oh and cant forget fishing boat too - under YOUR name - they'll say "oops - so sorry about that..."

GREAT IDEA

Ocean wrote (View Post): › It is fact that with excessive jobs in the country that can't be filled would force employers to take less in profit and pay more to the employee's.

AMEN TO THAT!!!

The third party processor requirement proposal is still alive and well having just taken another step toward ratification. Still a ways to go, but...

As a reminder, the reporting requirements are part of the funding section of this bill re Mortgage Foreclosures.

Senate Approves $300 Billion Plan to Stem Housing Foreclosures

By Brian Faler

July 11 (Bloomberg) -- The U.S. Senate passed a $300 billion plan to help thousands of Americans keep their homes and tighten regulation of Fannie Mae and Freddie Mac in an effort to ease the worst housing slump since the Great Depression.

The legislation, approved 63-5 today, would let an estimated 400,000 struggling homeowners avoid foreclosure by refinancing their subprime mortgages into fixed-rate loans backed by the government. The measure also offers tax incentives to potential homebuyers and sets aside $4 billion to help communities buy foreclosed properties.

The measure was crafted before concerns emerged that Fannie Mae and Freddie Mac, the biggest buyers of home mortgages, may need a federal bailout after their shares plunged more than 45 percent this week. Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, said today he saw no reason for revisions because the lenders are ``fundamentally sound.''

Full article at: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=arCkN4Hti_s4

Sounds like it is a done deal, with the current housing situation.

It passed today and is going for Bush's signature
http://money.cnn.com/2008/07/26/news/economy/housing_bill_Senate/index.htm?postversion=2008072614

What about wiring money directly from bank to bank? (let just say it was Bank of America as the recipient?) will it still be tracked by the IRS?

Argh... will Bush sign it?

"...will Bush sign it?"

It was signed into law three weeks ago.

Bush signs housing bill to provide mortgage relief

By JENNIFER LOVEN – Jul 30, 2008

WASHINGTON (AP) — President Bush on Wednesday signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets.

Bush signed the bill without any fanfare or signing ceremony, affixing his signature to the measure he once threatened to veto, in the Oval Office in the early morning hours. He was surrounded by top administration officials, including Treasury Secretary Henry Paulson and Housing Secretary Steve Preston.

Reference URL:
http://ap.google.com/article/ALeqM5hs5zArRJP0FhzvfKNXi60I95LyqQD9285DN80

In that example referenced above:

$2.00 - $1.00 adjusted basis(-selling expenses) = taxable Net profit.

mongoose wrote (View Post): › It was just a matter of time. Politicians are running out of sources of money to spend in securing votes and fulfilling pork barrel entitlement commitments made in getting elected.

I also think that is true.It was just a matter of time.