Classic Socialism in Action: Backlash from the proposed 6.75% to 9.9% confiscation of savers’ deposits has caused Cypriot politicians to rethink their original plan. Monday’s Wall Street Journal now reports that a revised money grab may be more tolerable to the masses who were outraged, not at the stealing of innocents’ wealth, but at the lack of steep progressivity.
The trial balloon proposal, which screwed even "mom and pop" from their first euro, set the stage for a revised, “This is much less bad than the original” acceptance by the masses.
Political leaders think the public will be less outraged or more tolerant of their immoral behavior if "the rich" must suffer at a far greater threshold than others.
This was the founding principle of America’s fiscal cliff resolution earlier this year. Jacking up rates only on high earners left the average person "all in favor."
Everybody loves new taxes that they perceive will never apply to them.
The coming implementation of the deceptively named Affordable Care Act (Obamacare) makes it mandatory to disclose 15 pages of financial information in order to qualify for subsidies or avoid penalties. In reality, the ACA is the beginning of a push for our government to know everything about everyone’s full net worth.
Once that happens, expect wealth taxes worse than what was just announced in Cyprus to be instituted here in America, all in the name of social justice.
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