Having said all this, some people may be more cautious about the outlook for the economy because the tax hike will impose a negative impact on households’ disposable incomes. In my view, such a negative effect will be mitigated due to the following reasons. First, various economic measures are being taken by the government.
In fact, if you look at the development of payment systems in America, many of the innovations in electronic funds transfer have been led by the 12 Federal Reserve Banks, including championing the passage of the Check Clearing for the 21st Century Act in 2003, which has accelerated the migration from paper checks to electronic check images and electronic payments.