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March 19th, 2013 - 2:10 pm

Robert Tracinski isn’t mincing any words on the Great Cyprus Bank Heist:

This is not really about Cyprus, of course, but about the precedent that is being set there. In exchange for an infusion of capital into the nation’s banks, Cyprus is being asked to impose a “special bank levy” that would take 6.75% out of all bank deposits up to 100,000 euros, and 9.9% above that.

This is described as a “wealth tax,” except that it’s not a tax. A tax is a regular rule that operates uniformly according to a pre-determine formula. A one-time, ad hoc seizure of money isn’t a tax. It is confiscation. Or we can use a plainer word for it: theft.

Read the whole thing.

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All Comments   (3)
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The implication is that taking people's money is okay as long as you follow a regular, predetermined rule. That seems odd. If something is wrong, it's wrong whether you follow a procedure or not. What is it about regularity that can make taxes ethical?

I have always thought that the libertarians are correct to say that taxation is theft, but that, in this imperfect world, sometimes theft is necessary to forestall greater evils. If I'm right, this taking, while deplorable, is no more deplorable than any other unnecessary tax.
1 year ago
1 year ago Link To Comment
That's why they want to take away our guns first.
1 year ago
1 year ago Link To Comment
Well, we would call it in our land...um..."redistribution". Or "paying your FAIR share".

Of course, the people in Cyrpus are called Cypriots.

The people who voted for Obama's ego are his id...what should we call them?
1 year ago
1 year ago Link To Comment
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