With the ongoing financial crisis in the Eurozone and its latest flare up in Cyprus, U.S. Rep. Billy Long introduced a House Resolution calling on Congress to refrain from considering any legislative proposal that would tax the private savings or retirement accounts of the American people.
"The government should not tax people's private savings accounts, which they have already paid taxes on, especially for the purpose of funding more bailouts," Long said. "I was shocked by the news that some countries might be considering these kinds of taxes and I think Congress should say that this kind of tax won't happen in America."
Recently Cyprus has asked the Eurozone for a bailout and part of the proposed plan for obtaining a bailout was to tax or seize portions of banking accounts held by private citizens, which the Cyprus parliament ultimately rejected earlier this week. Long's resolution expresses that Congress should refrain from considering or adopting any legislation that would tax or confiscate any or all personal savings held by the American people, and refrain from considering or adopting any legislation to provide financial relief to a private business or general sector of the American economy at taxpayer expense.