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Emphasis on temporary.
France Unveils Temporary 75 Percent Super-Rich Tax Rate
* Budget aims to slash deficit to 3.0 pct/GDP in 2013
* Bulk of savings comes from tax on rich, business
Viva La France! Vive la France socialiste! Vive la République socialiste! Vive la France - Un miracle socialiste! Vive les Socialistes! Vive la démocratie socialiste!
6 comments
1 |
Flavia Sat, Sep 29, 2012 12:56:52am |
It'll be "temporary" right up until the rich start moving out of France.
| 2 |
Destro Sat, Sep 29, 2012 4:44:27am |
re: #1 Flavia
We shall see. Let's hope they find a job that pays the same income that they can do in their new country and that they can speak the language, etc. This does not tax inheritance, etc.
| 3 |
Dark_Falcon Sat, Sep 29, 2012 6:17:54am |
This won't work. Flavia's right, the rich will take their money elsewhere. Hollende isn't simply a fool, he knows something of economics (as witness the labor reforms he is pushing, which are a "only Nixon could go to China" case). Which leaves me wondering why he's passing this damn fool tax.
| 4 |
lostlakehiker Sat, Sep 29, 2012 7:50:26am |
The rich are more mobile than the post author thinks. Many are bilingual. For those who speak only French, there is still Belgium and Quebec.
For those who speak only French and would never consider moving, there is the option to scale back ambition and effort and smell the roses.
There is, finally, the option to soldier on and pay the taxes. But even that option is a revenue-loser for the government in the long run. With far less to work with after taxes, an entrepreneur cannot hope to rapidly build his or her business. The Socialist leadership will be blind to this, but reality will not be. France won't have as much of what little entrepreneurial ardor she now has.
Taxing wisdom is to settle for 50% or less. Do not bind the mouth of the cattle that tread out the grain.
| 5 |
palomino Sat, Sep 29, 2012 12:44:59pm |
re: #4 lostlakehiker
The rich are more mobile than the post author thinks. Many are bilingual. For those who speak only French, there is still Belgium and Quebec.
For those who speak only French and would never consider moving, there is the option to scale back ambition and effort and smell the roses.
There is, finally, the option to soldier on and pay the taxes. But even that option is a revenue-loser for the government in the long run. With far less to work with after taxes, an entrepreneur cannot hope to rapidly build his or her business. The Socialist leadership will be blind to this, but reality will not be. France won't have as much of what little entrepreneurial ardor she now has.
Taxing wisdom is to settle for 50% or less. Do not bind the mouth of the cattle that tread out the grain.
The US had tax rates as high or higher in the 1940's and 1950's...it pretty much ruined our economy, right?
| 6 |
palomino Sat, Sep 29, 2012 12:47:43pm |
The 75% tax rate is only on income over 1 mil euros (over $1 million). It will affect a tiny percentage of the whole population. And the argument against is largely based on trickle down thinking. How successful has trickle down been in the US over the last 30 years? A: not very, as incomes of the bottom 4 quintiles have essentially stagnated for the entire 30 year period.
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