New Cyprus Tax

We normally don't get involved in tax commentary in this blog but the pending vote in Cyprus to tax bank accounts deserves a comment. If you haven't heard, the Cypriot Parliament is voting to establish a tax on bank account balances, not income mind you, but money you have already paid tax on!

I know it's only Cyprus, but what happens when the tax spreads throughout the Euro zone and eventually comes to the shores of the USA. How will it affect every person when their existing assets are suddenly taxed, year after year after year. Note that I said assets because that's where it will lead. 

God help us.