Banking And Taxing

Bank of America, the largest bank in the country, announced earlier in the week that beginning in January of next year they will be charging customers a $5 fee once a month if they swipe their debit card.

Doesn't matter if you swipe your debit card once or fifty times, you're still getting hit with the fee.
According to CNNMONEY, the bank is charging the fee to offset the loss in revenue as a result of the new banking regulations that go into effect in the beginning of next year.

On the same blog, CNNMONEY reports on some of the other new fees the bank will charge including $5 for replacing a new debit card and an $8.99 fee for speaking to a human teller if you're enrolled in online banking - seriously.

All this comes in the backdrop of the debate of whether or not corporations such as Bank Of America should have their taxes raised as a way for the government to increase revenue. Considering that corporate tax rates are at their lowest point in the last 60 years, those in the political left are in favor of raising taxes on the top 1% and on corporations to the levels of the Clinton era.



 Russell Simmons, CEO of Def Jam and GlobalGrind, took to his blog earlier in the week to express his views on the issue of increasing the taxes on the rich:

“I believe in a nation where everyone gets a fair share of the fruits of our labor and where everyone pays a fair share for what they receive, I am asking the United States government to raise my taxes and not allow the Republicans to use this economic recession as an opportunity to strip the basic programs that protect our most vulnerable.”

He also appeared on MSNBC. In an interview with Martin Bashir he reiterated his desire for the government to raise his taxes in order to help the country climb out of the hole it's in and to help the poor. He also admitted that every single one of his employees pay more in taxes than he does.