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The way you describe it, it's not tax on savings, it's investment income tax. Almost all countries have it.

As a general principle taxing personal investment income should be taxes at least the same amount as labor income. Taxing labor has more negative externalities than taxing investment income.

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I think they're saying that they're being taxed as if they were getting 4% interest on their savings, when in reality they're getting less than 1% because rates are low. So even though it's nominally a tax on interest earned, it's effectively a tax on value of assets held in savings over 21k.

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