So, this was inventive and rather sneaky, Illinois now adds a 2-3% tax on all Debit card transactions and it gets real tricky to add a tip.
https://www.youtube.com/watch?v=y2XV9z_0TnU
So when can they make more Legislation to make People wake up and leave Illinois?
Huh? That’s not what it said at all. They’re talking about the fee added by payment processors.
It was passed two years ago Credit Card Companies and Credit Unions have to revamp their systems to do business in Illinois.
If One of those Companies is not in Compliance, who will pay for all of that, who does the bill go to? The Consumer.
I’m in with both feet that IL politicos are money stealing little bitches, but I’m with XM4 in that I think you are misunderstanding what the law says. This excludes taxes and tips from the 2% swipe fee charged for card processing. At least that’s how I read it.
but the 2% is a tax fee on the transaction, irregardless if it is a fee to the Credit Card Company or Cridit Union will ineveitablly pass the cost of that fee to the Consumer,irregardless of what the money is used for ecxluding tips , …Correct? So its a tax
Anything they add, any Corporate Tax, Fee or Tarriff is always passed down to the Consumer.
I didn’t watch your attached YouTube vid. It could be that we are talking about two separate laws. I’ll look into it, I just don’t do random YouTube vids. Nothing personal, I just don’t YouTube.
Yes, all credit cards do that, everywhere. That’s not something IL did.
What the IL law is saying is that they can no longer charge that fee on Sales Tax and Tips, which will require a massive revamp of the entire payment card system.
Sales Tax and Tips don’t concern me, what I don’t understand is how if I pay Cash and don’t use a Card I pay a different reduced fee than the Chump that pulls out his ATM Card.
A tax on a transaction is one thing, but a tax on a transaction and then 2% on top of that for using an ATM Card is Robbery.
So if I pay Cash there is an incentive, but the only People carrying four hundred Dollars to pay for Dinner aren’t always the People you want around like Gangsters and Dope Dealers.
A Family Member one time explained Money to me as in Dirty Money and Clean Money.
Dirty Money pays for drinks and dinners, dope and Clean Money is for Rent and Car Payments.
Now he explained never let recorded instances of your expenses ever exceed your Clean Money income no matter hwo much dirty money you have.
Card processors are providing a service and they aren’t going to do it for free.
We aren’t talking about a processing fee we are talking about a tax on a processing fee.