There seems to be a growing concerned that the government will wind up with sensitive data about individuals and corporations if they’re forced to share information with the government. There are real fears that the government cannot be counted on to protect that data.
The White House has been stressing that the data sharing will be voluntary, but companies seem wary. Never mind that the IRS can order a copy of a small businesses QuickBooks file, lacing all of its data into the government’s hands.
The fear stems from the concern that the law will be changed later and retroactively. Many are still concerned by the snooping perpetrated by the National Security Agency and worry they will lose business opportunities in Europe over concerns that the U.S. will misuse the collected material. So far, the President’s promise to house the data with the Department of Homeland Security instead of NSA isn’t convincing to anyone.