Cyprus puts immediate 6.75% - 9.9% levy on all savings accounts.

[Burgerwars]

Link: http://www.bbc.co.uk/news/world-europe-21814325

 

Stuffing all your money in your mattress would have been a much better investment. Got to hope the U.S. isn't going to follow.

[Kevin20]

Well, I think this would be unconstitutional in the US ... but then again in light of recent events, there doesn't seem to be any limit on the power of Congress anymore, as long as a "tax" is concerned.

[hegemony]

Well, I think this would be unconstitutional in the US ... but then again in light of recent events, there doesn't seem to be any limit on the power of Congress anymore, as long as a "tax" is concerned.

what recent events? all congress has done in the past 10 years is lower my taxes.

[saladdin69]

Well, I think this would be unconstitutional in the US ... but then again in light of recent events, there doesn't seem to be any limit on the power of Congress anymore, as long as a "tax" is concerned.

 

Congress has Constitutional power to tax. I'm no lawyer but hard to argue they don't have that power.

[saladdin69]

 

Well, I think this would be unconstitutional in the US ... but then again in light of recent events, there doesn't seem to be any limit on the power of Congress anymore, as long as a "tax" is concerned.

what recent events? all congress has done in the past 10 years is lower my taxes.

Double Ditto.

[saladdin69]

This plan was defeated (for now). They have until Monday to come up with a plan that will work.

[Platmaster]

Unfortunately it seems that those who choose to save are punished for doing so. Hopefully they can come up with a plan where the "small" investor doesn't pay the price.

[Kevin20]

 

 

Well, I think this would be unconstitutional in the US ... but then again in light of recent events, there doesn't seem to be any limit on the power of Congress anymore, as long as a "tax" is concerned.

what recent events? all congress has done in the past 10 years is lower my taxes.

Double Ditto.

 

 

 

I say that because the 5th amendment prohibits the government from taking property without just compensation. For this reason, the first attempts at a federal income tax were struck down as unconstitutional (ie, one's income is his property). And certainly, taking a chunk of someone's existing money in a bank is a case of "taking property".

Then the 16th amendment was passed to allow the government to tax income. Hooray. The key word being "income":

Amendment XVI

(Ratified February 3, 1913)

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

..

The federal income tax was quite unconstitutional before this amendment was passed. Since this spells out that what can be taxed is "income", that actually does not mean the government can seize whatever it wants without compensation. But it can seize INCOME without compensation, because the 16th amendment says it can.

The "power to tax" has very specific and deliberately-written origins in the constitution. You can't say the government can take whatever it wants at any time because it has this omnipotent "power to tax".

If for any reason you don't believe me, perhaps you should ask yourself why the government doesn't already go around seizing people's money out of their bank and brokerage accounts as a form of taxation. It's not like no one in Washington DC ever thought about it.

[saladdin69]

 

 

 

Well, I think this would be unconstitutional in the US ... but then again in light of recent events, there doesn't seem to be any limit on the power of Congress anymore, as long as a "tax" is concerned.

what recent events? all congress has done in the past 10 years is lower my taxes.

Double Ditto.

 

 

 

I say that because the 5th amendment prohibits the government from taking property without just compensation. For this reason, the first attempts at a federal income tax were struck down as unconstitutional (ie, one's income is his property). And certainly, taking a chunk of someone's existing money in a bank is a case of "taking property".

Then the 16th amendment was passed to allow the government to tax income. Hooray. The key word being "income":

Amendment XVI

(Ratified February 3, 1913)

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

..

The federal income tax was quite unconstitutional before this amendment was passed. Since this spells out that what can be taxed is "income", that actually does not mean the government can seize whatever it wants without compensation. But it can seize INCOME without compensation, because the 16th amendment says it can.

The "power to tax" has very specific and deliberately-written origins in the constitution. You can't say the government can take whatever it wants at any time because it has this omnipotent "power to tax".

If for any reason you don't believe me, perhaps you should ask yourself why the government doesn't already go around seizing people's money out of their bank and brokerage accounts as a form of taxation. It's not like no one in Washington DC ever thought about it.

The government has power to tax. It's that simple. You can either join those who wear tin foil hats and believe it doesn't or not. I don't care. Join Wesley Snipes and the others who have been convinced that the Amendment was incorrectly passed or whatever the conspiracy theorist think.

 

Simple. If you don't think you can be taxed. Don't pay it. Save the money for a good lawyer.

[BRBiz]

The government has the power to do what ever they want when they want. In a real end of the economy type financial crisis do you really expect the government to follow the laws or the constitution? If you do your sadly mistaking and good luck to you!

[hegemony]

thanks for the history lesson, but Congress still has done nothing but lower my tax liability the older and richer I get.

[BRBiz]

thanks for the history lesson, but Congress still has done nothing but lower my tax liability the older and richer I get.

And look where that has gotten us!!

 

No offense but if your still around in the next 20 or 30 years you will see!

Edited March 28, 2013 by Brndnh721

[hegemony]

 

thanks for the history lesson, but Congress still has done nothing but lower my tax liability the older and richer I get.

And look where that has gotten us!!

 

No offense but if your still around in the next 20 or 30 years you will see!

 

its gotten us the wealthiest economy in history of humankind.

[BRBiz]

 

 

 

thanks for the history lesson, but Congress still has done nothing but lower my tax liability the older and richer I get.

 

And look where that has gotten us!!

No offense but if your still around in the next 20 or 30 years you will see!

its gotten us the wealthiest economy in history of humankind.

Can you really be wealthy when your in debt trillions of dollars?

[hegemony]

I know where they keep the printing presses. I would not trade the U.S. economic future for any other economy's.

[BRBiz]

We may be a top ten country but we aren't number 1.. Maybe if we could get our act together we would be.

[hegemony]

except for places with better public transport and social services, I still would rather have our future than, for instance, China's, Russia's, or Brazil's. I've recently been in the PRC and the quality of life is terrible if you want to live in a city. I'll take middle class in the USA anyday.

[BRBiz]

except for places with better public transport and social services, I still would rather have our future than, for instance, China's, Russia's, or Brazil's. I've recently been in the PRC and the quality of life is terrible if you want to live in a city. I'll take middle class in the USA anyday.

The way its going we will be speaking Chinese pretty soon.

[hegemony]

 

except for places with better public transport and social services, I still would rather have our future than, for instance, China's, Russia's, or Brazil's. I've recently been in the PRC and the quality of life is terrible if you want to live in a city. I'll take middle class in the USA anyday.

The way its going we will be speaking Chinese pretty soon.

the USA would be better off if more of our citizens knew second and third languages. at least if we want to have a strong economy.

[BRBiz]

I mean as a first language!

[hegemony]

that is fine with me.

[BRBiz]

that is fine with me.

Your funny! But Spanish will be the best choice for the future.