• They already are.

    American savings accounts are already taxed. Well, if they accrue interest anyway. Any interest income derived from savings accounts is taxed as income. For example if you had one million dollars in your savings and earned 10% you would have had to report $100,000 and pay 35% of that as taxes in that income bracket. That would amount to $35,000 in taxes paid to the IRS on an American savings account of one million dollars.

  • No, the savings accounts should never be taxed.

    No, the savings accounts should never be taxed. Because we trust it will be there when we need it and besides it is in the bank(government) and they get to "use" the money already and they pay us interest on the money they use. Now if they want to tax my account say 40% then I would like to return the favor and get an increase on my account for good standings with a nice 55% interest.

  • They should not.

    There comes a point when people and politicians need to realize that enough is enough. If you try to tax every single thing that you can get your hands on, people will eventually revolt against what it is that you are trying to do. We need to leave savings accounts alone.

  • This would be egregiously unfair.

    There are some taxes that could be argued that are unfair. This type of tax would be egregiously unfair. The money people have put into their savings accounts is the remainder after they have already been taxed. Only an insidious government would than want to tax the savings - savings which demonstrate an act of responsibility on the saver's part.

  • That money is taxed once, why tax it again?

    All income is taxed. There are Roth IRAs and certain other ways to get around having your money taxed more than necessary, and savings account should not be another casualty to over-taxing. It's just not feasible. Why punish people for doing something that is counter-culture? To increase consumerism? That only goes so far. It's a bubble economy at that point. If anything, governments should PROTECT tax-free savings accounts. Beyond FICA, beyond bailouts, but bona-fide protection. Something you can count on. Otherwise people will continue to keep their money hidden under their mattresses and never see any interest accrue.

  • American savings accounts should not be taxed

    No, American savings accounts should not be taxed. For me, the point of keeping my money in savings is so that it can stay safe and earn interest. If my savings account all of a sudden has to be taxed, that defeats the purpose of earning interest. I believe that taxes are important, but savings accounts are not what should be taxed.

Leave a comment...
(Maximum 900 words)
No comments yet.