Re:Do we need to pay billions in fees to Stripe, Block, PayP...
by tqwhite on Saturday August 17, 2024 @01:48PM
(#41276385)
Yes we do. Why? Because the old people running our country have not figured out that digital money is money even though most spending is done using digital money.
Because they love corporate profits more than citizen wallets, they restrict the US Mint to paper money instead of implementing a Federal payment system to support citizen use of digital money.
Consequently, those companies effectively implement a regressive sales tax of around 3-4%.
We should all have a federal debit card with zero processing fees that attaches to our bank accounts and the banks should be mandated to charge zero for federal debit card withdrawals.
Alternately, a law should be passed that mandates these big companies to charge no processing fee for debit cards. If they can't make profits that are sufficiently obscene on credit card fees, tough luck. While at it, make a federal card processing function that is entirely funded by tax, just like paper money.
It's an insane part of our government that it is impossible to modernize anything that touches the constitutional responsibilities.
Because they love corporate profits more than citizen wallets, they restrict the US Mint to paper money instead of implementing a Federal payment system to support citizen use of digital money.
Consequently, those companies effectively implement a regressive sales tax of around 3-4%.
We should all have a federal debit card with zero processing fees that attaches to our bank accounts and the banks should be mandated to charge zero for federal debit card withdrawals.
Alternately, a law should be passed that mandates these big companies to charge no processing fee for debit cards. If they can't make profits that are sufficiently obscene on credit card fees, tough luck. While at it, make a federal card processing function that is entirely funded by tax, just like paper money.
It's an insane part of our government that it is impossible to modernize anything that touches the constitutional responsibilities.