Add Quote by Dennis Hastert
“The Tort Tax adds to the cost of everything we buy because businesses and manufacturers have to cover themselves and their employees - just in case they get sued by a greedy personal injury lawyer.”
About This Quote
The Tort Tax raises prices because businesses must cover potential legal costs from lawsuits.
In simple terms: Legal risk costs increase consumer prices.
Key Takeaway
Consider legal costs when pricing products.
Themes
economics
law
consumer pricing
Mood
analytical
practical
Type
educational
informative
When to use this quote
- business budgeting
- consumer awareness
Key Concepts
risk management
pricing strategy
Questions to Reflect On
- How do legal costs affect your purchasing decisions?
- Are there alternatives to the Tort Tax?
A Different Perspective
May overstate impact of lawsuits.
![“Why is tort reform not included in the health-care bill?” “It’s really quite simple,” he replied. “The Trial Lawyers Association gives us [the Democratic Party] a great deal of money, and they don’t want it in there.” quote by Ben Carson](https://sms4smile.com/quotes/img-quotes/c0d/ben-carson-3320_democratic-party_why-is-tort-reform-not-included-in-the-h_1993117.jpg)
