Cavuto: What's happening in Cyprus could happen here

This is what happens when the tax man goes too far. Taxpayers go nuts and take to the streets -- especially when they can't get their own money because the government has closed their banks. It's happening in Cyprus. But I'm telling you, this could easily be us.

Let me explain.

The government there wants to tax peoples' bank accounts -- up to 10 percent of what they have in those bank accounts. So if you have 10 grand there, say goodbye to a thousand bucks. Right away. Wired away.

Wham. Bam. No thank you, ma'am.

It's already caused such a stink that Cyprus officials on this tiny island nation are frantically looking at re-jiggering the tax. But I stress: Not necessarily eliminating that tax. Maybe focus on the rich -- take 20 percent of their dough. Hard to say. This much is not: It's going to happen.

Because the government needs the dough, if they still want to keep getting European Union dough.

It gets weird and complicated. But the bottom line is this -- desperate to stay in the euro club, now Cyprus is clubbing its citizens for the dues fees.

Ring a bell? It should. While no one's taxing our bank holdings, thanks to ObamaCare, they are going after some of our other assets.

Remember that 3.8 percent Medicare surtax on investment sales larger than 250-grand? Surprise! The next time you try to sell your house, trust me, you'll be hitting the roof.

Think about that. A tax not on your income, earned or un-earned, but your assets. Your tangible assets.

Homes here. Bank accounts there. Is there really a difference? No.

Just like there's no difference between an American government taxing you for medical devices and what it deems an excessively generous medical insurance plan. Let me be very clear here: Taxing you not on what you make, but what you have. The stuff you've attained through a life of work, no matter the work, no matter when you worked, or how much you made when you worked.

To government, all it sees is that you've got it now. And it wants it now. And it wants you to pay up now.

So feel for these Cyprus citizens who can't get access to their money and now have to wait until at least Friday to get a crack at getting their money. More time, I suspect, for the government to sort out how it's going to steal their money.

All something Cyprus residents never saw coming, until it did. Just like we here in this country nervously try reassuring ourselves: Well, at least it can't happen here. Until it does.