U.S. savings and assets could be reduced by Obama
If you think taxing Cypriot bank depositors up to 10% to pay for an EU bailout was bad, an even scarier thought is that something similar could be happening in the U.S. in the near future.
President Obama is continually trying to implement the fiscal tactics of the European Socialist governments, redistribution the wealth regardless of who earns it and making the wealthy pay their “fair share” even though the top 1% pay 37% of the total federal taxes, more than double their 16.9% of total income.
The Cyprus confiscatory policy to pay for their bailout is tailor-made for Obama who continuously wants to expand the size of U.S. government.
Fox News financial host Neil Cavuto noted,
“While no one is taxing our bank holdings, thanks to ObamaCare, they are going after some of our other assets.
Remember that 3.8 percent Medicare surtax on investment sales larger than a couple hundred grand. Surprised? The next time you try to sell your house, trust me, you’ll be hitting the roof.
I want you to think about that. A tax not on your income, earned or unearned, but your assets, what you have, what you own, your tangible assets. Homes here, bank account’s [in Cyprus]. Is there really a difference? No.”
Not only that, but the Federal Reserve continues its policy of quantitative easing, which will ultimately cause inflation, which will have the same net effect as a withdrawal or tax on your savings account.
The U.S. debt is much larger than that of every European nation that already need bailouts. The U.S. government could seize every dime of the $9.3 trillion held in banks in the U.S.
It would cover just over half of our total national debt and would only operate the Obama government for just 2.5 years.
Think about that the next time someone complains that reducing the federal budget by a mere $85B due to sequestration is draconian.