Cyprus has agreed to a deal with European Union creditors that will impose a tax as high as 9.9 percent on bank deposits.
Fortunately, Cyprus is just a tiny country in the Mediterranean. Here in the United States, such a plan is unthinkable, right?
Or maybe not. In fact, some people think a wealth tax is exactly what our country needs:
How are world markets and international investors responding? Not so cheerily:
A friendly public service reminder:
The Cyprus parliament has reportedly canceled today’s vote on the bailout.
We changed the headline to make it clear that the liberals cited in this post were supporting a wealth tax similar to the one being considered in Cyprus. They were not speaking out specifically in favor of the Cyprus policy.