Sunday, October 13, 2013

EU: IMF proposes huge tax on savings

It seems clear that the Cyprus savings crisis was just the beginning. Back in the day there were already voices proposing to tax savings and it seems their time has come. Faced with plummeting income sources EU states may agree to tax savings above €100,000 with a yet unclear figure, speculated to be 10%. 

Uh, just what happened in Cyprus!

Or is it a "one time ~30% tax on all assets", as Zero Hedge speculated? Or is it a 10% on all households with "positive wealth", as suggested by the Fiscal Monitor? 

They are in any case trying to impose it stealthily, "before avoidance is possible". 

Oops, just as happened in Cyprus!

Of course, the rumor is already spreading, so it may not work at all. 

In any case it illustrate the terrible woes of this deep systemic crisis, whose cost, as happened some 230 years ago in France, can't be unloaded anymore only on the shoulders of the workers.

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