May 10, 2007
Would you trust eBay to keep your name, address and taxpayer identification number safe? What about uBid.com, or what about an obscure online broker you've never heard of?Read more
The Center for Democracy and Technology is raising a red flag over the prospect after language appeared in the President Bush's budget that would require brokers of personal property—including online auction houses and consignment stores—to collect personal data from customers and to share it with the Internal Revenue Service.
The push to put personal customer information into the hands of the Feds is coming from the U.S. Treasury Department, which is attempting to track down millions in unreported small business income. There's serious money at stake: The Treasury Department's proposal in the president's budget estimates that it could raise $20 million in 2008, increasing steadily over the years to hit a cumulative $1.974 billion by 2017.