Limbaugh makes dubious claim that plan to tax banks will cause ATM fees to rise
Published
Rush Limbaugh attacked President Obama's plan to tax the biggest banks, claiming that “your life ... might get worse because your ATM fee's gonna go up.” However, according to economist Dean Baker, since the tax “only applies to the largest banks, it would not be possible for the banks to pass it along to consumers, since they would lose market share to smaller banks who don't pay the tax.”