“The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability. The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). … The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away. … The tax rates needed to bring down public debt to precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth."
From the Marxist Masters at IMF.
You have been warned, time and again. These people are NOT trying to hide their intent.
Here, at the Daily Smug.
Kerodin
III
My comment at the link,
ReplyDeleteIt's basically stopping the continued death spiral of the current economic policies just long enough to mug anyone who still has two nickels to rub together before they continue on their merry way.
Relax...they're talking about money, not wealth. When enough people come to understand the difference, AND value their own lives and the wealth they produce, all will be well. We'll be getting near that tipping point--the good one--soon. The real challenge is staying alive till then.
ReplyDelete