I find it chilling....and against the principles upon which this nation is founded.
“The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability. The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). … The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away. … The tax rates needed to bring down public debt to precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth. (page 49)”
(notice, no one ever suggests stopping spending increases)
This is why I want a balanced budget rather than the continued overspending. Eventually, when the debt is high enough, they will steal someone's wealth to pay for it. The bill has to be paid at some point.
It hasn't been spoken of here in the US (yet), but expect the liberals to begin thinking about it soon, if they haven't already.
And if they choose to do so, what are you going to do about it?
At what point will you rise up and resist?
At what point will you stop paying to keep your own property?
(If the IMF is talking about it, then you know that there are plans to act upon such an idea).
(original link from HERE)