FRANCE TO HAVE NEW TAX RATE OF 45% FOR WEALTHYBottom line: France appears to want to tax every wealth creator in the country, every euro they have. Most will simply leave, or cut back on production. Given that France is only 10 euros away from its very own financial crisis, this is a mad policy being instituted by the French government.
FRANCE TO TAX INCOME OF MORE THAN EU1 MLN AT 75%, AYRAULT SAYS
FRANCE TO TAX CAPITAL INCOME AT SAME LEVEL AS WAGES
FRANCE TO RAISE TAXES FOR LARGE COMPANIES, BANKS, OIL FIRMS
Taxes should be cut, regulations should be eliminated, instead the French government is choosing the path to decline.
In other news, people making over EU1 million will be leaving France...
ReplyDeleteI guess France wasn't happy with the speed of capital flight and decided to bump it up an notch or two.
ReplyDeleteI wonder who they'll hate when all the producers are gone.
Sooner it all falls apart the better. We should encourage such things!
ReplyDeleteSooner it all falls apart the better. We should encourage such policies. May be Hollande is our man destroying the establishment from within. Otherwise direct change is impossible. It's so overt it's covert.
ReplyDeleteThey're already leaving for Britain in droves
ReplyDelete"It's so overt it's covert." I love it! Well said, Sir...
ReplyDeleteWelcome to London.
ReplyDeleteMaybe the liberals in the US will go move to this soak the rich wonderland.
ReplyDeleteRobert, France has a 7% budget deficit. Raising taxes to cut deficits that directly crowd out private capital is better than maintaining large deficits and keeping lower taxes. Taking money out of the investment pool is a greater distortion to the investment pool than raising taxes, as long as the increase in taxes is not accompanied by a concurrent and equal increase in spending.
ReplyDeleteTrue, cutting spending to cut deficits is the better option, but Hollande, as long as he doesn't increase spending, is doing a doing a good to the French economy by raising taxes and hopefully, solving the deficit and debt problem that exists there.
Perhaps that a is marginally better option since raising taxes eliminates the need to pay interest on the borrowed money from the deficits.
DeleteBut its like saying losing part of your arm at the wrist is better than losing it at the elbow because you get to keep more of it.
Bottom line, all of these actions interfere and cause distortions in the market that make us all worse off than if they didn't happen.
It'd be so much better if the government just declared bankruptcy and let its "services" go unfunded for the most part. France ALREADY has an issue with its "rich" abandoning it, and who can fucking blame them?
DeleteForget London, which is itself already a regulatory hellhole bred from envy, these people will leave for the stabler East Asian/Pacific countries.