Freedom of speech is one thing, but freedom of speech doesn't cover hate speech.
Unless the target is white males, or muslims. You're allowed to hate them.
Not sure if you have heard, but in the US there is a judicial branch of the government that has a long history of successfully enforcing the first amendment. Wild speculation about theoretical actions that will be invalidated by the courts are not useful.
I'd rather nip this kind of thing in the bud at the legislative level than let it go into law and hope that a panel of 9 people shoots it down. Open debate is a cornerstone of a free society. I'm simply speaking up and voicing my opinion in hopes that this bad idea doesn't get implemented.
"Hello, this is the Internet Police, you have gotten too many anti-social points on your internet license. It is hereby suspended for the next 6 months."
And how is this private? Sure, it might just share enough info to complete a transaction on any specific site, but what's to prevent the administrator of the program (in this case the highly trustworthy US government) from using it to track citizens who happen to be doing things they don't approve of? For example, making a donation to a group that has contrary views to said government (for example, if I decided to donate to the American Communist Party.)