When government intervenes in the free market, no matter how 性视界传媒渨ell-intentioned性视界传媒 that intervention might be, consumers and businesses tend to lose.
And with the introduction of new legislation at the Texas Capitol targeting 性视界传媒渃redit card swipe fees,性视界传媒 this is exactly what we性视界传媒檙e seeing.
In reality, these proposals do nothing to help consumers and instead create a regulatory nightmare for small businesses like mine. If Texas is not careful, it could likely become embroiled in litigation like we性视界传媒檝e seen in Democrat-run Illinois that has upended consistency for businesses trying to comply with conflicting sets of state and federal laws.
The first set of proposals 性视界传媒 SB 2026 and HB 4124 性视界传媒 would carve sales tax and tips from credit and debit card transactions, disrupting a reliable payment system that gives certainty and consistency for my business. Meanwhile, another proposal 性视界传媒 SB 2056 and HB 4061 性视界传媒 appears to be nothing more than a government takeover of the card payment system, which we should all be concerned will functionally disrupt the reliability and safety of credit and debit card payments at great cost to businesses and consumers.
Like so many other small business owners in our state, I know the reality of implementing new government regulations on business is more costly and complicated than it appears. I also know that it will only create headaches for those of us trying to navigate already convoluted regulations while just trying to stay afloat.
Any legislation that makes it more complicated for me to process a single transaction is not going to help me grow my business, save money or offer more competitive prices to my customers. Why would Texas, where more than 99% of businesses are considered small businesses, want to implement something like this?
To date, only Illinois has passed such a law 性视界传媒 which legal experts have made clear is 性视界传媒渁 bad idea for a free market economy, but on a micro level, this particular law is unworkable.性视界传媒
If they are approved, these bills will trigger a legal fight between Texas and the federal government while creating provisions that are impossible for small businesses and financial institutions to comply with. The result? A costly, confusing and inefficient business environment 性视界传媒 the exact opposite of what we性视界传媒檙e known for in the Lone Star State.
Texas shouldn性视界传媒檛 worry about the tools my business uses to succeed. Card transactions are safer and more secure for our customers and, as a business owner, I like knowing I性视界传媒檓 getting paid at the end of the day. Like insurance, I pay for the card companies to cover my risk and deliver that certainty. If that wasn性视界传媒檛 worth it, I could stop taking cards. But that would be bad business.
Texas shouldn性视界传媒檛 compromise its business environment by making it harder for small businesses and entrepreneurs to grow, thrive and contribute to the world性视界传媒檚 eighth-largest economy. And Texas definitely shouldn性视界传媒檛 follow Illinois Democrats性视界传媒 lead.
