REPORT: There Are Already Plans To Revise The Cyprus Bank Tax

The essence of the Cyprus bailout is that all bank depositors will be subject to a tax/confiscation/haircut/levy.

As it currently stands, if you have over 100K euros in the bank, you'll pay a tax on of 9.9 percent.

Under 100K euros and you'll pay 6.5 percent.

This is incredibly controversial, and there is no guarantee that the plan, as it stands, will pass the Cypriot parliament.

Dow Jones' Matina Stevis (who is in Cyprus now, and a must follow on Twitter for all sorts Greece/Cyprus/Eurozone stuff) tweets plans to make the tax more progressive.

This will ease the burden a bit on the little guy, and squeeze more from the wealthy Russian oligarchs and mobsters who are believed to hold a lot of cash in Cypriot bank accounts.

Cyprus banks reopen on Tuesday. The next 24 hours will be very interesting.