Flying under the radar are tax proposals from various countries, including our own, to tax the assets of the top 1%. Most people will just ignore these stories thinking "I am nowhere near the top 1%, so tax 'em."
There is an important context here that will be ignored by most people. This is an asset tax, not an income tax. Why should you be concerned? Just because you make $20 million per year does not mean you are in the top 1% when it comes to the asset tax. If you spend $21 million, and save nothing, you actually have nothing to tax, and the world leaders know this. Just think about all the bankruptcies in the news involving celebrities and sports figures that spent everything and then some. They may be in the top 1% when it comes to income, but for the purposes of this "one time" tax, not so much.
According to a blog by Joshua Kennon, http://bit.ly/s5GWvk , the top 1% of asset holders in the United States are those who have a net worth of $1.5 million and up. Those calling for a "one time" asset tax of anywhere from 1/2 of 1% to 5% to get the debt under control want to include everything you have in that tax. Property values, IRA values and pension values in addition to regular savings accounts and cash on hand would be included in the "one time" tax. Do I have your attention now?
People with modest incomes all their lives, but were prudent. They saved and invested all their lives, provided for their own future without relying on the government. They now stand to pay the price for those who spend their own and others money freely.
Question is: What are YOU going to do about it?