Bundesbank's Stunning Declaration

"(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government's obligations before solidarity of other states is required." However, they note that they will not support an implementation of a recurrent wealth tax in Germany, saying it would harm growth. We await the refutation (or Draghi's jawbone solution to this line in the sand.)"

Something that consistently fails to resonate with the left. Piss off the people with the capital and willingness to risk it in business ventures and growth will stagnate. It really isn't complicated. Again, I can but use myself as an example. With the PQ in power, they piss me off so much I sank my capital in a U.S. business start-up as opposed to giving it a go here. I have zero trust (and respect) for the Parti-Quebecois.

Personally, I don't understand Americans who bother coming up here but that's me.

Anyway, this table form Zero Hedge is what caught my eye:



 If you notice, according to this table, if we look at the %tax on wealth, it looks like the EU taxes the wealthy more but when you divide into financial assets, the USA pulls in more in total dollars.

I have no idea if taking a third is fair or not, but government's can't really take more without jeopardizing a flight of capital or as the Bundesbank is rationally aware, growth.