Cyprus

Ira Stoll on Taxing Bank Accounts in Cyprus and Taxation in America

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Bank of Cyprus
Credit: Petros3 / Wikimedia Commons / CC

The prospect of a tax on deposits in the banks of Cyprus has even left-leaning economic commentators in a tizzy. But what, after all, are the differences between the taxes on deposits in Cyprus that so many oppose and the higher taxes on income and capital in America that most American liberals support? Ira Stoll takes a hard look at the similarities.