2 votes

Why is a tax on bank deposits any worse than a property tax?

Let me mention right up front of course, that as a fiscal conservative and a Liberty Movement Republican, I am against ALL taxes - except as to provide for those government functions mentioned in the Constitution.

But having said that - WHY are people making such a big thing about confiscation of a portion of one's bank account by the government? Assets such as cash are a form of property, just like real estate is. People are taxed a portion of the assessed value of real estate all the time.

I think that taxing one on real estate is wrong on principal of course - but how is this any different than that, based on principal?

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Because the tax on property

Is supposed to cover costs of the town services where the property is.
Property taxes pay for police, fire school library, snow removal and in some instances public housing.
While property taxes are clearly an indication that you don't own your property outright, cash in the bank presumably is money that has already net of any taxes and supposedly 100 pct yours.
There is some correlation between what you pay in property taxes and what you receive, whereas there would be no correlation between taxing a percentage of your bank deposit and what you would get.

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Because there was never any

Because there was never any pretense that you owned your real estate property. The deed says you own it in Fee Simple. That means you're just a tenant with certain rights (Rights of exclusive use, rights of inheritance etc.) Supposedly you agreed to all those terms when you recorded your deed at the county court house. BTW I'm against all that non-sense but I'm just stating the way it is.

correction - 100% of their money

has been confiscated. they may get a portion back. These funds were already taxed for the privilege of earning them.

"The two weakest arguments for any issue on the House floor are moral and constitutional"
Ron Paul