On Friday Cyprus, a small island-nation east of Greece and south of Turkey, announced a 6-10% tax on all bank accounts. They announced the tax AFTER banks had closed. As expected the announcement caused a run on ATM's...most of which were "out of order." Monday is a bank holiday in Cyprus and the countries Government, fearing the banks would be wiped out, closed all of them until Thursday.
Now here is the real "kicker." The individual doesn't have to file anything for the "tax." Instead, as part of the plan, the countries Government was just going to go in to the bank accounts and take it.
Cyprus decided on this rather rash act as part of an effort to acquire an EU bailout. And it's already had effects on the US markets.
I will be the first to admit that we, in the US, aren't that bad...yet. However we have a President that has shown a distinct interest in raising taxes when-ever, where-ever, he can. So my question is this: should the US be concerned about our own government attempting something similar to what Cyprus is doing?