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Wealth tax to pay for EU bail-outs
Telegraph UK ^ | 14 April 2013 | Ambrose Evans-Pritchard

Posted on 04/23/2013 6:12:18 PM PDT by Lorianne

Around 400,000 Britons live or own homes in the south of Spain, which is suffering a deep recession that is hampering Madrid’s attempts to balance the public finances and stave off a bail-out.

Senior figures in Germany are now arguing that some richer home owners in countries like Spain, Portugal and Greece have so far avoided paying their fair share to rescue the euro, leaving Germany paying too much.

Taxes on property or other assets would mark a significant change in Europe’s approach to funding bail-outs for eurozone members. Until now, the cost of rescue packages for countries like Ireland, Greece and Portugal has fallen largely on people who invest money in either those countries’ bonds or – in the case of Cyprus – bank accounts.

Prof Peter Bofinger, an adviser to Mrs Merkel, said that levies on bank accounts are the wrong way of funding bail-outs, because rich people are able to shift their money out of the country.

“The resourceful rich just move their money to banks in northern Europe and avoid paying,” Prof Bofinger told Der Spiegel, a German magazine.

Instead of taxing cash, European Union governments should in future target property and other, less mobile assets, he said.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Foreign Affairs; Germany; Government
KEYWORDS: eurobanking; eussr; taxtheworld; tobintax
“For example, over the next 10 years, the rich should give up a portion of their assets,” Professor Bofinger, said.
1 posted on 04/23/2013 6:12:18 PM PDT by Lorianne
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To: Lorianne

Sounds just like Obama. After all, there should be a limit on how much an individual should be ALLOWED to earn or accumulate. Spread the wealth around.

Confiscation of U.S. retirement savings to come. Sheesh, $16 trillion out there in private accounts will go a long way in reducing the public debt. No worry, it’ll be doled back to you in social security dribs and drabs should you live long enough. Here take this ObamaCare pill and be happy. Ain’t central planning grand.


2 posted on 04/23/2013 6:19:00 PM PDT by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: Lorianne

Sooner or later they are going to run out of other people’s money.


3 posted on 04/23/2013 6:19:34 PM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: Lorianne
When there is nothing left to steal, whatever will government do?
4 posted on 04/23/2013 6:19:44 PM PDT by E. Pluribus Unum ("Deficit spending is simply a scheme for the confiscation of wealth." --Alan Greenspan)
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To: Lorianne

First Cyprus and now going after people who save in the EU.

Learn the lesson people. Americans are going to force any of you with a bank account to donate a good deal of it to them in distribution rather than they learn self responsibility or shrinking the size of government.

We are so screwed and are no longer the old America.
This article tells us IMO what to expect in the near future in Socialist America.


5 posted on 04/23/2013 6:21:32 PM PDT by A CA Guy ( God Bless America, God Bless and keep safe our fighting men and women.)
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To: Jim Robinson
central planning

That's where I keep getting confused. I thought it was central vacuuming.

6 posted on 04/23/2013 6:21:36 PM PDT by bigheadfred
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To: Lorianne

Karl Marx would approve.


7 posted on 04/23/2013 6:22:44 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: BenLurkin

“Target less mobile assets.”There’s no escape from these bastards.


8 posted on 04/23/2013 6:27:09 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: Lorianne

A wealth tax is no less fair than an income tax.

The wealthy have used an income tax to reduce the ranks of the wealthy for years. Why do you think Warren Buffet is always on his high horse for higher income taxes? He is already wealthy, income taxes do not effect him. He makes his money on his wealth, not wages.


9 posted on 04/23/2013 6:31:39 PM PDT by Jim from C-Town (The government is rarely benevolent, often malevolent and never benign!)
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Click The Pic

As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible: avoiding occasions of expence by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expence, but by vigorous exertions in time of Peace to discharge the Debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burthen which we ourselves ought to bear.

George Washington

10 posted on 04/23/2013 6:35:15 PM PDT by DJ MacWoW (My faith and politics cannot be separated)
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To: Lorianne

I’m sure Prof Bofinger is of the “tax the hell out of thee, but not me” crowd.


11 posted on 04/23/2013 7:08:39 PM PDT by RetiredTexasVet (The Team: Progressives, Margret Sanger, Josef Mengele and the Butcher of Philadelphia)
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To: BenLurkin

That’s when they’ll take property instead


12 posted on 04/23/2013 7:37:01 PM PDT by Lorianne (fedgov, taxporkmoney)
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To: Farmer Dean

sure there is. it’s Europe after all

the rich should hire professionals to take them all out in their sleep.

problem solved


13 posted on 04/23/2013 8:51:13 PM PDT by sten (fighting tyranny never goes out of style)
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To: Farmer Dean

let’s say you have $50m tied up in real estate... and they want to take $25m of it.

it’d be A LOT cheaper to take them out @ $100k ea

(if I were writing a movie script, that’s how it’d go down)


14 posted on 04/23/2013 8:54:03 PM PDT by sten (fighting tyranny never goes out of style)
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To: sten

I like the way you solve problems.


15 posted on 04/24/2013 4:36:21 AM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: Farmer Dean

how would you deal with a thief that came into your house and was intent on stealing half of everything you have?

normal thieves are rarely able to make off with 1% of the value of the property. these people are much worse

back in the 1800s, how did we deal with someone that stole your horse? same idea


16 posted on 04/24/2013 11:44:45 AM PDT by sten (fighting tyranny never goes out of style)
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