Wednesday, October 12, 2011

Banks, Taxes, and Gouging Consumers

It seems that it is rampant everywhere. Governments at all levels, banks, and companies are keen to increase revenue and profits all at the expense of consumers and tax payers.

Think about it. I read that the recession is over but incomes are still declining. Yet company profits remain climbing.

Governments are increasing revenue through new taxes and fees. Remember the big discussion a few years ago about whether fees are really hidden taxes? If the government is taking it out of my pocket--it is a tax.

The most recent example is a proposal right here in Howard County, Maryland that would have the police finding cars with one, yes, one parking ticket and having it towed. It is merely a plan to increase fine revenue--but really, isn't there something more important that our police force should be doing than trying to increase fine revenue?

Banks, like Bank of America are increasing fees to improve profits. Who is supposed to pay these fees if we are suffering from reduced income? Of course the response is and should be--close any accounts at the bank in protest and go to a bank which is not increasing fees.

We need a paradigm change in government, banking, and corporate companies. The gross profit margins of the past need to be forgotten and a new moderate approach taken.

All of this comes down to the consumer--if we consumers and tax payers continue to have less income then the economy is not going to recover. Additionally, in protest, we are going to have to close accounts, support businesses which are consumer friendly, and maybe even, move to less taxing places to live.

We must be in some downward spiral into economic chaos.

To quote a movie title from a few years ago--somethings gotta give.

- Posted using BlogPress from my iPad

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