Tag Archives: wealth tax

Why wait? Send a big, fat check NOW: America’s richest billionaires say they want to be taxed more

Absolutely NOTHING is stopping these fools from writing a check RIGHT NOW to the US government. Demorats, send your money here.

From NY Post: The richest of the one percent have a message for the 2020 presidential candidates – tax us.

Financier George Soros and heiress Abigail Disney are among the 19 billionaires who published an open letter Monday to Republican and Democratic hopefuls saying that they “support a moderate wealth tax on the fortunes of the richest 1/10 of the richest 1% of Americans — on us.”

”The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans,” they wrote.

Along with Soros and Disney, other signers include Facebook co-founder Chris Hughes, Molly Munger, daughter of Berkshire Hathaway vice chairman Charlie Munger, and members of the Pritzker family – along with one anonymous.

”America has a moral, ethical and economic responsibility to tax our wealth more,” they write in the letter.

A wealth tax could raise funds to address the climate change crisis, bolster health care measures, curb income inequality and provide relief for those with student loans.

”The concept of a wealth tax isn’t new: Millions of middle-income Americans already pay a wealth tax each year in the form of property taxes on their primary form of wealth — their home,” the letter says. “The kind of moderate tax on the richest 1/10 of 1% that we support just asks us to pay a small wealth tax on the primary source of our wealth as well.”

The letter noted that a number of Democratic candidates – Sen. Elizabeth Warren, Mayor Pete Buttigieg, former Rep. Beto O’Rourke and Rep. Tim Ryan – support the idea.

DCG

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Shocker, not: Macron AWOL as violence, protests continue in Paris

From Fox News: As France braces for another round of violent protests this weekend in Paris and the rest of the country, embattled French President Emmanuel Macron is a missing man as his government tries to curb the chaos caused in part by his unpopular plan to hike gas taxes.

Macron swept into power in 2017, having emerged out of obscurity less than a year earlier. Espousing his own brand of centrism, he has presented himself on the world stage as a spokesman for multilateralism and internationalism against a nationalist wave moving through Europe.

While he has regularly been seen on world stages, including the United Nations and the U.S. Congress, he has been conspicuous by his absence this week, choosing to keep away from the limelight as his government attempts to deal with the issues being protested by the “yellow jacket” protesters who have protested and even rioted in cities over France in recent weeks.

Macron had initially stood firm on the hikes, saying they were necessary to combat climate change and France’s reliance on oil. But on Wednesday, Prime Minister Edouard Philippe announced that the government was scrapping the tax hike altogether. A government spokesman also suggested on French radio that a wealth tax that Macron ended last year could be re-introduced.

The French government has said that 89,000 additional police officers and law enforcement personnel — with 8,000 in Paris — had been mobilized ahead of Saturday to head off planned protests, which show no sign of slowing down, despite the damage control by the government.

But as ministers scramble, Macron himself has been neither seen nor heard, leading to criticism from his political opponents. Marine Le Pen, Macron’s right-wing 2017 presidential election rival, urged Macron on Wednesday to meet with the protesters before Saturday.

“Do not hide at the Elysee, do not ask others to do what the French expect of you, listen to them, hear them before Saturday,” she told reporters.

“Is Macron still in Argentina? He must surely have an opinion,” left-wing 2017 presidential candidate Jean-Luc Melenchon tweeted, a reference to Macron’s recent visit to the G20 summit in Buenos Aires.

According to Reuters, Macron intends to address the nation early next week. The Associated Press reported Friday that Macron has spent the week holding closed-door meetings in the Elysee Palace, with his office announcing that he would not speak before Saturday’s protests.

Read the whole story here.

DCG

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Cyprus now says 80% of "large" bank deposits can be confiscated

From FoxNews (via Phoenix Capital Research) comes the latest alarming news from Cyprus that the government has changed its mind again. It is now saying that the levy confiscation or looting of “large” (over €100,000) bank deposits can be more than the 30%-40% that had been announced just five days ago on March 25, 2013.
In a television interview with state broadcaster RIC a day after the 30% “levy” announcement, Cyprus Finance Minister Michael Sarris said large deposit holders at Cyprus Popular Bank, the island country’s biggest lender that is slated to be shut down, could face losses of as much as 80% on their deposits.
Sarris also indicated it could take “years” before those depositors see any of their money returned. Even worse, the finance minister admitted that “Realistically, very little will be returned.”
First, the Eurozone said they wanted to “levy” 10% on “large” deposits. Then the Cyprus government negotiated a rate of 30%. Now, they changed their tune again — the rate of looting “can be” as much as 80%. In effect, this is not just a wealth tax, it’s outright robbery.

SarrisCyprus Finance Minister Michael Sarris, age 66

I looked up Cyprus Finance Minister Michael Sarris (Ph.D. in economics from Wayne State University) on Wikipedia, and found this fascinating piece of information on him:
“At 15th of October in 2011, he was accused by the North State of Cyprus for some type of sexual orgy including a minor. The North State of Cyprus has previously raised similar allegations.”
If you need a human face for the Cyprus bank robbery, here’s an account in the Sydney Morning Herald (via ZeroHedge) of an Australian expat in Cyprus, John Demetriou:

”Very bad, very, very bad,” says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ”I lost all my money.”

John now lives in the picturesque fishing village of Liopetri on Cyprus’ south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.

He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings.

He planned to spend it on his grandchildren – some of whom live in Cyprus – putting them through university and setting them up. There would be medical bills; he has a heart condition. The interest was paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a boat.

He wanted to leave any big purchases a few years, to be sure this was where he would spend his retirement. There was no hurry. But now it is all gone. ”If I made the decision to stay, I was going to build a house,” John says. ”Unfortunately I didn’t make the decision yet. I went to sleep Friday as a rich man. I woke up a poor man.”

His money was all in the Laiki ”Popular” Bank which was the main casualty of Cyprus’ bailout package set by the European Union. Laiki is to be dismantled. Savings of less than €100,000 are to move to the Bank of Cyprus. Anything more than that will almost certainly be wiped out as the bank is wound down, its remaining assets taken by the bank’s creditors.

Last week he heard a rumour that the bank was in trouble and went into Aiya Napa to ask his bank manager – a friend – if he should move his life savings. ”There’s no problem, nothing to worry about,” he was told.  Not so. ”I go to bed and I can’t sleep. I walk around, I have a coffee. I am thinking about my family.”

John’s tears flow. As he chokes up, his son George, who moved to Cyprus in 1990, explains. ”The whole family, we used to work at the markets. I would work at the markets on the weekend to help my parents while my mates were off having fun. Honest work in honest jobs. Now all that hard work is paying the debts of other people and the government. It’s disgusting, to be honest.”

George says he can start again – if things get worse he and his family might move back to Australia.

”But not my dad. He can’t go back to Australia. He is not allowed to fly because of his heart, and anyway where would he live? He has no house. He will have €100,000 left to live off. Soon he’s not going to have a cent to his name.”

If any American is so deluded as to think this could never happen in the US, Phoenix Capital Research (PCR) reminds us that John Corzine had stolen over $1 billion worth of client funds during MF Global’s collapse. (See “Why the Collapse of MF Global Should Frighten You,” Nov. 23, 2011.)
Corzine is not in jail and in fact remains one of the most connected financial elites in the US. Indeed, NO ONE went to jail for MF Global’s theft. (See “Jon Corzine’s Sergeant Shultz Defense,” Dec. 9, 2011.)
PCR maintains that European elites took note of the MF Global case and believed a similar idea could be foisted upon the European public during extreme times of crisis. The only difference between MF Global and Cyprus is that in the former case the funds that were stolen were invested in commodity futures and other securities, whereas in Cyprus they were personal bank savings.
See also:

~Eowyn

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Hitler goes postal over Cyprus bank confiscation

[youtube=https://www.youtube.com/watch?v=K5R2JyU_MKg]
See also our posts on the levy robbery of Cyprus’ bank deposits:

~Eowyn

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The Left approve of stealing your bank savings

Five days ago, on March 16, 2013, the people of Cyprus were told by the grand poobahs of the Eurozone that as much as 10% of the deposits in their personal bank accounts would be “levied”, in exchange for a $13 billion (€10 billion) bail-out of their heavily indebted country to avoid bankruptcy and a banking collapse.
Cyprus is a small island country in the Eastern Mediterranean Sea to the east of Greece, and a member of the European Union (EU). The Eurozone is an economic and monetary union of 17 EU member states that have adopted the euro (€) as their common currency and sole legal tender.
The Eurozone’s levy was contingent on the approval of the Cypriot parliament, but parliament resoundingly rejected the levy. Meanwhile, to prevent a bank run, banks in Cypriot will remain closed “until next week”, euphemistically called a “bank holiday”.
If you need the grave import of what happened clearly spelled out, here it is:

  1. Money in our personal bank accounts is PRIVATE PROPERTY.
  2. The proposed levy, therefore, is THEFT/ROBBERY.
  3. This is not just another “tax.” This bank levy is particularly pernicious because what is proposed is the seizure of privately-owned bank deposits that had been guaranteed by the government, much like the FDIC bank deposits in the United States. What value does such a guarantee have if it can be withdrawn at will without any advance notice?
  4. A “bank holiday” means you can’t gain access to YOUR OWN MONEY.
  5. Although Cypriot’s parliament rejected the levy, the damage is already done. The Rubicon has been crossed: the idea of “wealth taxation,” that is the involuntary confiscation of privately-owned property, has now been breached. Sure enough, faster than you can say “Jiminy Cricket,” the governments of two other countries — New Zealand and Spain — already are making similar levy noises.

In case you’re doubtful about what the Left here in America think of this theft, below are the approving comments made by the elite of the American Left, posted on Twitchy, March 18, 2013.
FYI:

  • Daniel Weston is a hedge fund manager.
  • Robert Reich was labor secretary in Bill Clinton’s administration and currently Chancellor’s Professor of Public Policy at the Goldman School of Public Policy at the University of California, Berkeley.
  • Steven Greenhouse is a labor and workplace correspondent for the New York Times.
  • Jeffrey Sachs is an economist and director of The Earth Institute at Columbia University.

socialism

American libs support Cyprus-style wealth confiscation scheme, while bailout roils world markets; Update: Cyprus reportedly stalls bailout vote

Posted at 5:45 am on March 18, 2013 by Twitchy Staff | View Comments 13
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Cyprus depositors should take the deal, getting off easy comprd 2 the wealth tax coming on citizens in other over indebted countries ahead.
Daniel Weston (@danielweston83) March 17, 2013
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Robert Reich @RBReich

Why any sensible tax reform should include a wealth tax on the vast accumulations of wealth at the top. https://robertreich.org/#.UQHU3ySLN6U.twitter …
12:42 AM – 25 Jan 13
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Steven Greenhouse @greenhousenyt

To cut deficit, some say U.S. should look beyond income tax to creating a tax on households’ overall wealth https://www.nytimes.com/2013/02/10/business/yourtaxes/a-wealth-tax-would-look-beyond-income.html?_r=1& …
3:37 PM – 10 Feb 13
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Daily Kos         @dailykos

GOP cranks up class warfare again with tax-break plans. Time for a wealth tax https://bit.ly/XG9MVM 
2:49 PM – 21 Oct 12
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A big h/t to FOTM’s Anon.

~Eowyn

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