The housing bailout bill that just passed includes this not-so-nice feature (the linked article was written before passage):
The provision calls for the tracking of all credit-card transactions and their reporting to the IRS.
…
This is not a controversial provision or a new one. Republicans and Democrats on the Senate Finance Committee have supported it for months, and it has been included in the Administration’s budget proposal for years. This provision simply requires banks–not small businesses–to report sales transactions to the IRS each year and to merchants at the end of each day.
Yeah, so now the IRS will know how your credit card is being used.
I think “absolutely disgusting” is how I feel about it.