March 20, 2013

It Can Happen Here

One of the constant refrains running through commentary on the plan to seize a portion of bank deposits in Cyprus is that it can't happen here. This is America and we just don't do thinks like that.

California's top-end taxpayers -- already steamed over a recent hike in the nation's highest state income tax -- are now fuming over a new $120 million retroactive tax grab on small business owners. 

In December, the state's tax authority determined that a tax break claimed over the past few years by 2,500 entrepreneurs and stockholders of California-based small businesses is no longer valid and sent out notices of payment.

These businesses took a perfectly legal tax write-off. In essence they put money in the bank. Now the state of California is going to exprpriate that money.

This is Cyprus via a slightly different mechanism. It can happen here. It is happening here.

Posted by: Stephen Macklin at 12:10 PM | No Comments | Add Comment

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