A Commentary On “Spain to Impose New Wealth Tax”
10 March 2012
Tax on income and spending is a tax. Tax on the accumulation of wealth is theft. It means someone did not consume their entire after tax income (perhaps to save for a rainy day, unlike the PIIGS). Also they are taxed on the earning produced from the savings (as in the US, which is really double taxation); so as a bonus for being prudent, they will be taxed again for the accumulation, and will pay higher taxes to boot to pay for the other debtors (watch out Germany) which is not a tax it is theft. I thought Spain was a Catholic county, isn’t it mentioned somewhere not to covet! Oh Helen and KAnan if you are going to bother making a comment, stay on topic, note this is not a tax on earned income, tax gta san andreas cheats pc or the rich, this is a tax on people who save, the very people who by your arguments cannot escape.