Kansas redistributes money from the poor to the banks
Take a look at this article (hat tip Felix Salmon), which has me absolutely raging this morning, about new legislation in Kansas that prevents poor people on welfare from taking out more than $25 per day using their state-issued debit cards.
To be clear, you have to round up to the nearest $20 if you want to take out money from an ATM, so that’s really the limit.
And to be clear, there’s a $1 fee to take out money, and then typically an extra $2.50 fee if you don’t have a bank account, which many of the affected people do not.
So altogether, they’re giving $3.50 for every $20 of their welfare benefits, which I’d characterize as a bank tax of 17.5%. Because poor people don’t need that money, never mind the convenience of paying their actual bills.
For fuck’s sake, Kansas.