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The taxi driver is also reducing his cost by not paying credit card companies. Given credit card companies have legal means to pay less percentage tax on much
by devishard 10y ago
The taxi driver is also reducing his cost by not paying credit card companies.
Given credit card companies have legal means to pay less percentage tax on much more income than the cab driver and suck money out of taxpayers' pockets in many other ways, I'd offer that screwing over the credit card company might benefit the rest of taxpayers more than the cabbie paying tax does.
- thedufer 10y agoIf they tell you after giving you a ride that you have to go to an ATM and pay the ATM fee, then they are just passing the cost on to you at a net loss - ATM fees are higher than CC fees on purchases the size of a typical cab fare. I'm not convinced that it's better to funnel money to banks rather than CC companies.
- devishard 10y agoIf you're paying ATM fees a) that's on the banks, not on the cab driver, and b) you need to switch banks--I have paid a handful of ATM fees in the last decade and I make in-person purchases almost exclusively in cash.
- thedufer 10y agoIf there's no bank you have an account at within a reasonable distance, you might not have a choice. Obviously I use free ATMs when I can, but how much control do you have when a cabbie is demanding money?
- devishard 10y agoI moved a year ago so there isn't a bank I have an account at in my current state. But my bank is part of a national network of ATMs. If I use an out-of-network ATM the fee is refunded up to once a month.
- CardFellow 10y agoBanks get money either way. They get most of the money from a credit card transaction.