Housing Rescue Bill -All Credit Card Transactions - Reported To The IRS

[glenn kangiser]

Ron Paul: Housing Rescue Bill Has Provison That Will Require All Credit Card Transactions Be Reported To The IRS

http://www.economicpolicyjournal.com/2008/07/ron-paul-housing-rescue-bill-has.html

[desdawg]

I report most of mine anyway. I call them deductions.

[considerations]

Bill Summary and Key Issues

H.R. 3221 -American Housing Rescue and Foreclosure Prevention
Act of 2008


VII. REVENUE PROVISIONS

Information returns for merchant payment card reimbursements. The bill would enact a proposal to require institutions that make payments to merchants in settlement of payment card transactions to file an information return with the Internal Revenue Service. According to the Treasury Department, "Payment cards (both credit cards and debit cards) are an increasingly common form of payment to merchants for property and services rendered. Some merchants fail to report accurately their gross income, including income derived from payment card transactions. Generally, compliance increases significantly for amounts that a third party reports to the IRS." The bill would also require information returns for payments in settlement of certain third party network transactions that operate in a manner similar to payment card transactions. This proposal is estimated to raise $9.802 billion over 10 years.

Well, back to cash.

[benevolance]

I have no credit cards anyways...My wife has a small one... we use to  pay for a hotel room or book a rental... other than that we live without them

[peternap]

They're EVERYWHERE!

https://i120.photobucket.com/albums/o178/slawman_01/bow2.jpg

(the nice alien infiltrating the banking system -note - I have to edit based on my wife's standards as I have none gk... caution)

[muldoon]

Also, borrowers also agree to share any profits from future home-price appreciation with the FHA. To do that, they'll pay a "3% exit fee" of the mortgage principal to the FHA when they resell or refinance.

Plus, they'll agree to pay the FHA 100% of any profits they realize from higher home prices if they sell or refinance within a year. So if the original loan principal is $200,000 and the home sells for $250,000, the borrower will owe the FHA $50,000, minus costs. After a year, borrowers will share 90% of the profits with the FHA. The percentage keeps dropping in 10% increments to 50% after the fifth year, where it stays.

So, your basically renting the place and will give profits to the government.  Fascists bastards.  This bailout does not help homeowners, its another bank/corporate bailout. 

My next problem with it, they claim it will cost 25 billion.  However it sets up a 300billion dollar fund immediately, and adds 800 billion to the debt ceiling.  I dont understand the 25billion number at all and nowhere is it explained.  Some (suggest as Mr. Bunning) suggest it is north of 1 trillion). 

They claim to help 400,000 people with this bill.  Center for Housing says 8000 people are going into foreclosure a day.  4000/8000 = 50 days of help?  Were going to add a trillion on the taxpayers?  Bring communism to our housing markets, royally screw not only tax payers, but any homeowners we "help", and all we get is 50 days of pain avoidance?  As we shift this on the treasury, swaps will increase and long term debt will go up.  Increased mortgage costs do NOT help the industry, it will be the end of it.

It's almost like they want it to really crash.  And looking at history and present, any crash yields them more power so I guess maybe thats what they do want. 

[ScottA]

I agree on the power grab part. I really don't understand why the government is buying all this bad debt. We really have become a socialist country I guess. 

[glenn kangiser]

It's not the government we want doing it -- it is the government we have - the greedy money grubbing elite adding more money from the backs of the peasants - present and future to their pockets.

It looks like they have declared unrestricted war against us now and all stops are pulled.  History repeats itself and the peasnats have not yet revolted.   Will they ever understand and wake up?  It seems the programming is complete.  I don't think we are capable of protecting ourselves anymore. 

It seems this is the plan and they know the people are going to revolt eventually -- that is why Haliburton has the contract for the US concentration camps.

For those who think I'm crazy (thank you) Google it.

http://www.google.com/search?num=50&hl=en&safe=off&client=firefox-a&rls=org.mozilla:en-US:official&pwst=1&sa=X&oi=spell&resnum=0&ct=result&cd=1&q=Halliburton+has+the+contract+for+the+US+concentration+camps.&spell=1

[benevolance]

Buying bad debt is not what makes socialism... This is just the government protecting those that have padded their wallets for decades.

The banks lend out more money than they have to create a false economy... everyone thinks things are going great and there is a never ending spree of house buying, building and money is spent in record numbers. Everyone is working because of this boom and taxation is at an all time high.

We had a hiccup and the banks are out of money so congress is going to bail them out. this is the exact opposite of what socialism is. What we have currently is when government gets involved with capitalistic economies and the massive amounts of money corrupt. Government has no business messing with the economy if you believe in Democracy and Capitalism... Our business and economy needs to be based on the free market.

This Clusterfu*k like others happened because government got involved in business and made a point of making money off of the policies they passed into law....The housing mess like the mess with the debt and the Fed..can be eradicated if we simply allowed a market correction...If  we removed government from all aspects of the economy and our business and let a free market determine economic policy.

This is the opposite of Socialism because we currently have one tenth of one percent controlling 99% of the wealth in this country.

Whatever you want to think the government is doing in giving more power to the feds or bailing out corrupt banks...It is not socialism

[glenn kangiser]

Check out The Shadow Government

http://www.constitution.org/shad4816.htm

[benevolance]

Glenn that is a great site...

But we have to be careful...My family starts looking at me strange when I start talking about where this country is heading... Yes stranger than normal

WellI should say my wife's family...They cling to the notion that the deomcrats will repeal things like eminent domain and the patriot act and restore freedom and civil liberties to american citizens...

But yeah I must be crazy...

[glenn kangiser]

Look at Osama.  He is poised to take more - are they blind?

[glenn kangiser]

I should have put in the link to the main site:

http://www.constitution.org/