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FORUMS General Discussions Politics Tax the shit out of
TOPIC: Tax the shit out of
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The original plan hit all bank accounts. They clearly felt that was OK. It was only major public backlash that prevented it.

I don't mind the idea of going after the assets of convicted criminals. But that's not what this is. The fact that it scoops a lot of them up might make it more palatable.

The current plan seizes 40% of all deposits over 100,000 Euros. Certainly, some of these accounts will be held by law-abiding people who simply have lots of money in the bank. Are you OK with that?

Or, more generally, if the US government proposed a plan to seize X% of any deposits over $Y, would you be OK with it? What if X was 10% and Y was $100 million?

Winter Garden FL
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The original plan hit all bank accounts. They clearly felt that was OK. It was only major public backlash that prevented it.

I don't mind the idea of going after the assets of convicted criminals. But that's not what this is. The fact that it scoops a lot of them up might make it more palatable.

The current plan seizes 40% of all deposits over 100,000 Euros. Certainly, some of these accounts will be held by law-abiding people who simply have lots of money in the bank. Are you OK with that?

Winter Garden FL
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Soon there will be jackbooted thugs coming in your house and cutting open your mattresses.

I thought the Cyprus situation was about money laundering, mostly from Russian gangs. Banks there have attracted deposits that I read are 8 times the country's GDP.

Confiscating some percent of bank deposits wouldn't be equivalent to just redistributing wealth within the populace. It's mostly from foreigners who are mostly crooked.

Flat Rock NC
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Well, I guess one can always change the law to make it legal.

Winter Garden FL
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VaB, I agree with you. Most people would feel that it would be ok to take from the rich. But I bet if they wanted to go across the board there would be a huge kick back. As being legal I am not sure if it would be or not.I doubt that any politician would want to back it because they would be afraid of being voted out at the next election.

Berryville VA
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So... as a general hypothetical question.... what's to stop the US government from doing what Cyprus is doing right now to its citizens?

I don't think it's at high risk of happening anytime soon, but a dismissive "that could never happen" isn't much of an answer. Why couldn't it? A one-time seizure of 15% of private pension funds was proposed in 1993 by the Asst Treasury Secretary, and it came up again as an "option" in 2010.

So why can't it happen here? Is there a legal barrier? Do you consider FDIC protection to be bulletproof? The original Cyprus plan included going after insured deposits, so their government at least in theory believes it has the authority to do so. I would imagine the once proposed retirement plan seizure was also considered to be "fair game".

Popular support would probably be high at first, because any initial idea would only go after "fat cats" (like the income tax originally did). But once the precedent is set, all bets are off, and no assets are safe.

Winter Garden FL
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va - totally agree with you. I absolutely do not blame health insurance companies for increasing premiums for bad habits or expanded waistlines. Risk must be considered and it's no secret that with obesity comes the risk of heart disease/attack, diabetes, and strokes to say the least - which in turn results in increased claims to pay out. Smoking increases your cancer risk by 1.6 in one million with every cigarette you light up. In a way, punitive measures such as increasing premiums can act as a deterrent to unhealthy habits for some people. I've signed up for a smoking cessation program (first class next week) and have been working on losing the weight. Reaching a health goal can't be done with a monetary penalty alone. It's about me, the individual, increasing my activity and eating better.

Albany OR
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I don't know if tbr will see this....

He once made the point that "ascribed" statuses such as race or gender were protected from discrimination, whereas an achieved status such as wealth is not.

So I would think he would make the point that a 40-inch waist (unless the person was enormously tall) is an achieved status. Weight is mostly about choices with some built-in factors.

Winter Garden FL
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tbr - The 40 inch waist and smoking issue with the the hubby's insurance is true. These were the 2 reasons I elected to stay with my company's insurance company even though my company's coverage sucks compared to the hubby's.

Albany OR
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I understand. This certainly isn't high on the totem pole of life's agenda items. And yes, it's been a pretty serious wasteland.

"looking for another job, a Ph.D. program, two kids and a wife"

Holy hell - you're looking for 2 more kids and another wife?

:)

Winter Garden FL
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TOPIC: Tax the shit out of