Good thing I held off making this post just a little longer. Almost immediately after I posted The Immoral Equivalence of All Taxes and had a sigh of relief as it appeared the bank deposit confiscation tax in Cyprus would not go through, news broke that bank accounts would in fact be taxed. The new proposal is even more confiscatory than the original, at least for some. It calls for a nearly 40% tax on all bank deposits greater than €100,000, with the possibility of an additional 20% tax on top of that.
I have already commented on the immoral nature of this tax–and all others– in the previous post. What is important to note here is another theme that plays itself all too often: the majority of the Cypriot population has been exempted from this tax, instead placing the entire burden on wealthier individuals. While I am, of course, completely opposed to any individual having his or her wealth forcibly extracted, the trend of class warfare is present all across the world. When widespread protests and demonstrations made it clear that the bank tax would not be accepted by the masses, the target shifted to a smaller demographic. With the burden of the tax being removed from the masses and saddled on the minority there are no more outraged demonstrators. As long as it happens to someone else, most people sit idly.