U.S. Banks Taxing You To Deposit Money! Will We Follow Cyprus and Spain’s Example?
When it comes to the U.S dollar, it is probably universally known how much of its value has been lost over the course of a decade. Ever since 2001, those little leaflets of green paper with portraits of former presidents have become closer to the equivalent of toilet paper. Maybe a lot of its failure has to do with the fact that its worth is assumed instead of being backed by a valuable commodity, such as gold or silver. We here at The Inquisitr actually reported on a short video that explained how the value of the dollar is given through the Federal Reserve. It probably doesn’t matter anymore, because the United States keeps increasing the debt ceiling, which in turn will keep decreasing the U.S. dollar’s value to a pathetic state.
Now, there are reports on the fear that the government will have U.S. banks fight the decreasing value of the dollar by having people pay a deposit tax. That’s right! You read it exactly as I wrote it! The government will have U.S. banks tax you for depositing your hard earned money!
The idea sounds ludicrous beyond reason! I mean, charging people a tax to deposit their money into their account? It’s almost as stupidly idiotic as cash advances and charging people a mileage tax on each mile they drive in their vehicles (though that might happen). Yet, this concept isn’t exactly brand new. Back in 2011, Cyprus became the first country to incorporate a tax on all bank deposits. According to an entry by The Cyprus Lawyer, the original concept was to be about 0.095 percemt. That honestly doesn’t seem too bad for a deposit tax, right? That means for every dollar deposited, less than one cent would go to the government. The tax would last up until 2012, and all of its funds would be used to assist in the financial stability of the state. However, if greed were involved, the elite wouldn’t be satisfied with a measly less than 1 percent. This came to light when the percentage shot up to 47 percent.
After that atrocious act of greed, it would be evident that a country’s people would not allow such a travesty to happen to their accounts, right? Unfortunately, that is not the case, and the reason for this article is that the second country to implement a deposit tax is Spain, and their decision is quite recent, too. According to Reuters, Spain will now implement a 3 percent tax on all bank account deposits. This was incorporated to harmonize regional tax regimes and generate a revenue for the country’s lack of cash for their autonomous communities. It is estimated that the new tax would bring in around a total of 400 million euros ($546 million) to the state based on total deposits worth 1.4 trillion euros.
Before It’s News found the issue with this and reported that the United States is not far behind in adding this tax to your deposits. With more countries, including China and Russia, having their currency bypass the U.S. dollar, it will be soon that the United States does what Cyprus and Spain are doing presently: seizing bank accounts when the U.S. dollar is no longer the world’s reserve currency, and the ability to print money will be worth absolutely nothing.
[Image via Bing]
