Could The Cyprus Bailout Happen Here? Judge Andrew Napolitano Explains
European officials have come to a new decision regarding bailout measures in Cyprus, which aim to pay down the country’s debt by taxing the bank accounts of the wealthy, rather than all bank accounts across the board.
Judge Andrew Napolitano appeared on the Fox Business Network to discuss these new measures, as well as any precedents they may set for the American economy.
“It doesn’t sit well
with The Constitution here, because The Constitution prohibits the government from stealing property,” said Napolitano. The American government, he explains, is responsible for compensating an individual in cases such as this, and “could not lawfully just dip into an accumulation of cash.”
“Typically, the federal government taxes behavior,” he noted, pointing to the import or purchase of luxury goods as examples. “It would be alien to us for the government to tax wealth, just because you’ve accumulated it,” he says.
“Could it happen here? Well, you know, the government does what it can get away with,” said Napolitano.
Watch the segment above for Judge Napolitano's full analysis.
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