Looks like my life just got more inconvenient.

[H1wagon]

Time to shred the credit cards. The bill that just passed for bailing out the mortgage companies had an amendment put on it that demands copies of all credit and debit transactions be sent to IRS. Where I spend my money, what I buy, how much I spend, and what I buy is no ones business but mine. This really ticks me off and I am rightously pissed off about this.

[Diesel]

HOLY CRAP! Are you serious? That's a winner right there you have got to be kidding me, talk about a violation!!!!

Can you post up any more info or direct verbage on this?

[Fiendish]

Took some searching, but I believe it's H.R. 3221: Foreclosure Prevention Act of 2008

http://www.paymentsystemsblog.com/2008/07/24/credit-card-transactions-to-be-reported-to-the-irs-in-foreclose-prevention-act-of-2008/

http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h.r.3221:

http://www.freedomworks.org/newsroom/press_template.php?press_id=2571

[das]

I imagine this is due to the REAL danger of people who can pay their mortgages simply walking away when the falling value of their homes destroys everyone's home equity retirement dreams.

How they can demand your private banking information though? I guess you can make a law for anything if you are willing to ignore that pesky Constitution.

[kenno]

Was it just a dream?

When I was a child my dad was pretty well-off. Dad worked 2 jobs during WW2 and worked 3 jobs after the war for 5 years to make the payments on our little ranch. Dad did not need a credit card. Dad signed his name on the bill and walked-out of the store/business. Dad worked about 16 hours a day and payed his bills every month. We had a car and a radio and much latter a TV set. We had ice cream on Sunday, water mellon during the summer. My mom and dad did well and we were happy. No one needed to know what we bought or how we lived. Credit cards suck!

[TheUnboundOne]

Kenno, Your Father is a wonderful example for all of us. I just wish there were a legitimate way to get paid for hanging out and chatting on a Forum like this one.

:D