The left is equally up in arms about the Cypress monetary confiscation that now looks like it won’t happen (and the government there will just default). But for different reasons, of course.
Same story as here: They would prefer that the confiscation of wealth be only on those at the very top and at a much higher rate than 10%.
However…
But then this is the logical outcome of taxation. If you think that a shortage of government revenue can be solved by the government simply helping itself to someone else’s revenue you really can’t have a philosophical problem with this. If you believe in the 50p tax rate this is where you end up.
John Phelan – The Ghost of the West Yet to Come
Give it a read.
Found via Samizdata
