Argument: Bank tax will be passed on to consumers

Support

Jeffrey Miron. “Bailing out the Banks Was Wrong, but New Tax Won’t Make It Right.” Investor’s Business Daily. January 14, 2010: “The tax will not fall solely or even mainly on its desired political target, the shareholders and highly paid executives of large financial firms. The true burden of a tax often lands far from its intended target as the target attempts to shift the burden. […] In this case, higher taxes mean higher costs and therefore higher prices, so customers (borrowers) will bear some of the burden of the tax.”