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Cyprus could tax people’s bank accounts for EU bailout

The mainstream media always mocks conservatives’ caution about what big government spending can lead to. The doubters finally got to see what could result with too much progressive government.

The European Union’s demands have pushed the Cyprus government to consider forcing Cypriot bank depositors to pay up to 10% of their bank deposits as a tax in exchange for a $13B bailout from Europe.

Did the progressive loving Cyprus people gleefully accept their fair share? No, they swarmed the banks, forcing the government to shut them down until Thursday until officials figure out what to do.

This is what can happen when the government continues to spend money it doesn’t have; it contemplates taking even more money from its citizens with yet another tax - this time up to a maximum of 10% of their bank accounts!

In true progressive class discrimination, the Cyprus government considered small depositors in Cypriot banks should take less of a hit than bigger depositors with the one-time levy.

Hundreds of demonstrators warned that the raid on their bank accounts should serve as a warning for other weakened European economies. One banner read, “EU. Who is next? Spain or Italy?

Analysts said that Cyprus’s tiny economy, which accounts for just 0.2% of the euro zone’s gross domestic product, isn’t big enough to reignite Europe’s financial crisis.

But the confiscation of a portion of citizen’s bank accounts is real and who knows what will happen as the crisis worsens?

In a bid to calm fears, the country’s central bank officials Monday ordered banks to restock cash machines, while both European and Cypriot central bank officials have said there were contingency measures in place to deal with any large outflows in deposits (run on the banks when they reopen on Thursday.)

Cyprus has postponed the debate of taxing the people’s bank accounts for the time being, but it does show the lengths that these addicted governments will go to continue to remain in power, while still considering a lower tax on the savings accounts at possibly 3%.

Some have said progressive governments think of your earnings as their money, until they let you keep it. In this particular case, the government wants the earnings even after they let the people keep it.

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5 Comments

  1. If the democrats get to 60 in the Senate, the country as we know it will be destroyed. The second amendment will consist of black-powder rifles like 1776, which is what liberals believe anyway. They will kiss the feet of the UN on gun control with support from the soon-to-be Obama SCOTUS to uphold the changes, and Cap and Trade enviro-whacko global warming nonsense will tax us to death. Oh, and yes, a “wealth tax” similar to Cyprus, so us greedy private-sector workers can pay our “fair share” to the lazy, third-world citizens and towards the fat retirement plans of gov’t workers and unions. Did i miss anything?

  2. I don’t think the Left would be happy until we are only allowed stick and stones (of a regulated size/weight) with which to defend ourselves.

  3. See what Democrats DO find the money to do:

    Remember when South Carolina Representative Joe Wilson called out “You Lie!” when Obama claimed in his 2009 state of the union address that his Obamacare plan would never go to care for illegal aliens? Well, turns out Wilson was right. We now know that Obama did lie. His latest move has been to turn Obamacare to benefit illegals just like Wilson said it would.

    Last week the Department of Health and Human Services (HHS) announced that it was funneling Obamacare cash to 67 community health centers where the money would be used for migrant farm workers. HHS also informed us that the immigration status of said farm workers would not be ascertained before free care was given meaning that illegal aliens would be given Obamacare funding.

    … “approximately $8.5 million will be used by 25 New Access Point awardees to target services to migrant and seasonal farm workers,” Health Resources and Services Administration (HRSA) Spokeswoman Judy Andrews told CNSNews.com. HRSA is a part of HHS.

    Andrews said that grant recipients will not check the immigration status of people seeking services.

    Read more at: http://www.conservativecrusader.com/articles/obama-did-lie-obamacare-now-paying-for-illegal-immigrants

  4. And…

    Department of Agriculture personnel in the Obama administration have met with Mexican Government officials dozens of times since the president took office to promote nutrition assistance programs — notably food stamps — among Mexican Americans, Mexican nationals and migrant communities in America.

    Read more at: http://dailycaller.com/2012/10/01/obama-usda-met-30-times-with-mexican-govt-to-promote-food-stamp-use-among-mexican-immigrants/

  5. U.S. Gov’t May Want to “Help” You Manage Your Retirement Account! Really?

    When the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in Americans’ retirement accounts. It seems that day may be finally drawing near.

    Read more at: http://beforeitsnews.com/gold-and-precious-metals/2013/02/u-s-govt-may-want-to-help-you-manage-your-retirement-account-really-2475136.html

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