Cyprus Surprise Savings Tax & USA tax on accumulated Wealth
Posted in the Brattleboro Forum
#1 Mar 19, 2013
Cyprus Surprise Savings Tax. Europe's Core Problems Back to the Front Burner.
The European Central Bank, International Monetary Fund and Cyprus announced an immediate and surprise tax of 6.75% to 9.95% on savings accounts that will be withdrawn on Tuesday morning (Monday is a holiday in Cyprus). It should raise about 5.8 billion Euros or $7.5 billon. It seems the ECB and IMF have decided to take depositors money vs. restructuring debt so that Cyprus could qualify for a 10 billion Euro (about $13 billon) bailout....(read more)
#2 Mar 19, 2013
Looking Beyond Income, to a Tax on Wealth
Taxing wealth in addition to income is one way to make sure that the rich contribute more to government coffers. That would essentially be a tax on household assets like property, stocks, bonds, unincorporated businesses, trusts, art and yachts.
#3 Mar 19, 2013
So now the plan is to add a layer of tax on top of what the government has already taxed through income tax, property tax and sales tax?
#4 Mar 19, 2013
And then there is this:
The estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates in the country pay the tax because it is levied only on the portion of an estate’s value that exceeds a specified exemption level, currently $5.12 million per person. Though the tax has been an important source of federal revenue for nearly a century, a number of myths continue to surround it.....
#5 Mar 19, 2013
An estate tax levied only on the “rich”? Not for long I bet! Soon we will all be paying this tax and a yearly tax on our savings and all of our possessions!
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