Following Cyprus Lead, Senator Proposes Tax on “Everyone Else”

Cyprus’s outrage about a proposed tax on all bank accounts helped turn the proposal into a tax primarily on foreign deposit holders’ accounts—a lesson not lost on U.S. policymakers.

“This would be a win-win for America,” said U.S. Senator Peter Papershill. “Tax bank accounts held by foreigners and use the revenue to reduce Americans’ taxes.”

A recent poll asked Americans who should bear the burden of taxes. 11 percent replied “you,” 4 percent replied “me,” and 85 percent replied “neither you nor me but that guy behind the tree.”

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