Yep: France goes for the gold with a 75 percent income tax on high earners

posted at 4:41 pm on September 28, 2012 by Erika Johnsen

Earlier this week, we learned that the number of unemployed people living and looking for work in France rose above three million people for the first time in over a decade, amounting to an unemployment rate of over 10 percent — a reality that isn’t going to get any help from their continuing zero percent economic growth of the past nine months. So, it’s really encouraging that they’re looking for competitive, belt-tightening, wealth-creating solutions like… wait, what? From the WSJ:

President François Hollande, in his first budget since being elected five months ago, has pledged to balance public accounts by the end of his mandate in 2017 and given himself two years to turn around the French economy.

According to documents presented at the weekly cabinet meeting Friday, the government aims to lift revenue from household income taxes by 23% next year, while revenue from business taxation is expected to rise almost 30%. …

The budget increased the top marginal income-tax rate to 45% from 41%, and detailed plans for a special tax on incomes above €1 million ($1.29 million) a year, with 1,500 individuals paying an overall rate of 75%. They will pay on average €140,000 more in taxes next year, the government said.

The biggest new tax-take from business will come from limiting the deduction of financial charges from a company’s taxable income. … Limiting the possible deduction to 85% of a company’s financial charges will increase tax intake by €4 billion in 2013, the finance ministry said.

So, I guess you’re not really planning on addressing your two main problems — a hugely bloated national budget with too much public spending, and a stagnant economy with high unemployment — er, at all? You’re just going to tax the hell out of any individual or business audacious enough to be successful at providing a useful product/service, instead of even trying to slim down public expenditures? …I see. Interesting strategy you’ve got there, France.

As  I wondered a couple of weeks ago when the Socialists were dithering over this idea in creating a budget plan, it looks like they are moving to shut down at least some of the tax loopholes currently in place that would in reality allow the wealthiest earners to keep a greater share of their wealth (for instance, they’re planning on reducing the tax deductability of interest payments); with an actual effective rate on income of 75 percent, I wouldn’t bet on many millionaires sticking around for too long.

“We’re getting a lot of calls from high earners who are asking whether they should get out of France,” said Mr. Grandil, a partner at Altexis, which specializes in tax matters for corporations and the wealthy. “Even young, dynamic people pulling in 200,000 euros are wondering whether to remain in a country where making money is not considered a good thing.”

Let’s play careful attention to what happens here, folks (heh, any predictions?). While it may not be quite as extreme, this is essentially the same idea as what President Obama is most actively proposing on the campaign trail these days. Hiking taxes on the wealthy (or on anyone, for that matter) is not going to create jobs, and it’s not even going to come close to funding all the government spending you want to keep up, let alone pay down the deficit (more public and/or deficit spending do not help to create productive jobs either, by the way). Even on a smaller scale, upping taxes is going to slow down growth, deter job creators, and hurt small businesses — hardly a winning game plan.

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France. The new Greece.

aunursa on September 28, 2012 at 4:42 PM

Herbert Lom had perfect timing.

BHO Jonestown on September 28, 2012 at 4:43 PM

How do you say “going Galt” in French?

Cicero43 on September 28, 2012 at 4:45 PM

No, please! This will mean all those snotty French chefs will be coming here and taking jobs at Jack in the Box and Papa John’s!

Limerick on September 28, 2012 at 4:45 PM

You’re just going to tax the hell out of any individual or business audacious enough to be successful at providing a useful product/service, instead of even trying to slim down public expenditures? …I see. Interesting strategy you’ve got there, France.

It sounds familiar.

forest on September 28, 2012 at 4:45 PM

The only thing left to do… Is stand back and watch France burn…

SWalker on September 28, 2012 at 4:46 PM

Productive French folks, bring your capital over here to Texas – we’ll treat you right.

Rebar on September 28, 2012 at 4:46 PM

These idiots voted for the guy. He said he would do this. How STUPID does the electorate there have to be to. . . oh, wait. . .

RedNewEnglander on September 28, 2012 at 4:47 PM

The UN wants a 1% tax on billionaires.

Don’t be fooled. The Soroses of the world are for “the poor” and ‘liberal’ because it’s all a revolving door. They promote these programs for the politicians, whom they buy lock, stock and barrel.

Soros-likes will stuff their pockets in the process with programs and initiatives which they pull strings for.

Soros aims for a weak dollar, so he can become even richer. It’s dropping in front of everyone’s eyes, in spite of the clusterfarks in Europe, which should weaken the Euro.

Something few know – the German gov’t transfers dough to the Greek, for ex. The next day most of those funds are deposited into German banks, out of fear to lose all the money’s value…

Corzine, Soros and the likes will live gloriously because Obama enables them.

The politicians on the right are charlatans too, in just a lesser way.

The folks are too dumb, out shopping, or watching Dancing and Idol, or the View.

Schadenfreude on September 28, 2012 at 4:47 PM

To be fair, the budget also calls for a freeze in government spending and some cuts to make up for inflation. Which means the Democrat Party is in some ways to the left of the French Socialists.

Cornell Conservative on September 28, 2012 at 4:47 PM

Ask Jerry Brown and Pat Quinn how well this is working out. If they can hold until election day it won’t be long after that we get to see the consequences of crushing government debt here.

DanMan on September 28, 2012 at 4:48 PM

Au revoir, les personnes riches.

blammm on September 28, 2012 at 4:48 PM

Let’s play careful attention to what happens here, folks (heh, any predictions?). While it may not be quite as extreme, this is essentially the same idea as what President Obama is most actively proposing on the campaign trail these days.

Just wait. Obama will want to go way higher than the Clinton era tax rates for the top income earners if he gets reelected.

Doughboy on September 28, 2012 at 4:49 PM

Why not go for the full 100% fairness?

the_nile on September 28, 2012 at 4:49 PM

…they rich can come over here and hopefully eat our french fries after November 6th!

KOOLAID2 on September 28, 2012 at 4:49 PM

The folks are too dumb, out shopping, or watching Dancing and Idol, or the View.

Schadenfreude on September 28, 2012 at 4:47 PM

You forgot ESPN.

Limerick on September 28, 2012 at 4:49 PM

How do you say “going Galt” in French?

Cicero43 on September 28, 2012 at 4:45 PM

My exact thought.

I was just too busy to run it through goggle translate.

Chip on September 28, 2012 at 4:49 PM

this is what I never understand about libs. they know that raising taxes on “the rich” will not even cut into the deficit, let alone pay down the debt. Yet they argue as if that is a plan to tackle these issues.

No lib has ever put forth any plan for tackling the deficit/debt and reforming entitlements to make them sustainable. All they do is yell “the rich have to pay their fair share”.

I mean, they don’t even pretend to have any kind of plan. Sure, it’s fine and dandy to argue that the GOP’s plan is “bad” or “will hurt the poor”. Fine. What’s the libs plan? “tax the rich” isn’t a plan. It accomplishes nothing. It brings in just enough extra revenue (if any extra at all) to reduce the yearly deficit by what? 10%? what does that accomplish?

We aren’t even having an argument here about different plans for solving problems. they don’t even try to pretend they want to solve the problems. it is beyond insane.

Monkeytoe on September 28, 2012 at 4:49 PM

Man, all those rich people who moved to France because they didn’t like the legal system or the politics of their home country: Where will they move now?

::giggle::

apostic on September 28, 2012 at 4:51 PM

Somehow, simply calling them, “Frogs,” just doesn’t insult them, enough.

At any rate:

The Commie and the Congress will do the same. It’s a necessity, when your country dives into the cesspool of Socialism.

Decay and dictatorship are coming.

Are you prepared?

OhEssYouCowboys on September 28, 2012 at 4:51 PM

Obamas dream come true.

Meh……….nobody cares about this.

…….and day 39 and Romney still not in the lead, in any swing state polls.

But hey it’s still early in the campaign, no worries.

We have nothing to fear from an Obama Residency for the next four years (Chief Justice Eric Holder will be great!!!!).

PappyD61 on September 28, 2012 at 4:52 PM

How do you say “going Galt” in French?

Cicero43 on September 28, 2012 at 4:45 PM

Probably the same way you say “capital flight.”

Nick_Angel on September 28, 2012 at 4:52 PM

Belgium here we come!

V-rod on September 28, 2012 at 4:52 PM

Monkeytoe on September 28, 2012 at 4:49 PM

if they can successfully target the rich it makes it far easier to raise taxes on the middle class, that’s where the dollars are

DanMan on September 28, 2012 at 4:54 PM

I know it has failed every time it has been tried in the history of mankind and violates the most basic laws of economics, but let’s give these guys the benefit of the doubt. I am sure they are smarter than everyone else and thats all it really takes, the right people in charge and communicating the message well./

Ellis on September 28, 2012 at 4:54 PM

It’s sorta pitiful, when Germany doesn’t even want to invade you, anymore.

OhEssYouCowboys on September 28, 2012 at 4:55 PM

In the article that was linked to in Drudge, you will not see 2 items missing from an earlier version.

One the gouging is not just imposed on the “super rich”, the tax rate will go to 45% for people earning 200000 Euros.

Two, the earlier version of the article mentioned approval rating of Hollandes had taken a free fall after the election. That had been omitted in the edited version.

bayview on September 28, 2012 at 4:55 PM

Monkeytoe on September 28, 2012 at 4:49 PM

You don’t? It is a whipping mule. 5,000 years of politicos distracting you from peeking behind the curtain.

Limerick on September 28, 2012 at 4:55 PM

Punishing success and rewarding failure. What could go wrong?

BDavis on September 28, 2012 at 4:57 PM

Mon dieu! Good thing Switzerland is next door.

;)

Ladysmith CulchaVulcha on September 28, 2012 at 4:59 PM

Barry will need more money from you to fund for more free cell phones.

bayview on September 28, 2012 at 5:00 PM

How do you say “going Galt” in French?

Cicero43 on September 28, 2012 at 4:45 PM

Probably the same way you say “capital flight.”

Nick_Angel on September 28, 2012 at 4:52 PM

Belgium here we come!

V-rod on September 28, 2012 at 4:52 PM

If enough flee into the east, we’l have the irony of France invading Germany.

apostic on September 28, 2012 at 5:01 PM

‘Frogs’ actually is the right terminology cuz see, you put one in a pot of cool water and slowly turn up the heat and the stupid frog just sits there and slowly gets cooked to death!

France…

Vive La France…

Scrumpy on September 28, 2012 at 5:02 PM

Okay lefty trolls, now’s the time to pack up and move across the Atlantic and into paradise.

Thomas More on September 28, 2012 at 5:03 PM

You can only tax present earnings, not future wealth. Once the rich leave, what then? Tax the poor at 75%?

Redistribution = elimination of wealth.

MrX on September 28, 2012 at 5:05 PM

Would you do your job for 25% of what you earned?

Meric1837 on September 28, 2012 at 5:06 PM

What say you, Urban Defeatist, gerbiluse, unearnedesto?

M240H on September 28, 2012 at 5:06 PM

What’s that sound I hear? Oh, yes. The sound of the wealthy leaving France and moving to more friendly environments.

Adieu culture of luxury French parfum, chocolates, fashion, and wine.

Oh, wait.. I can get those same brands and products anywhere, and often cheaper than I could in… France!

Adieu Riviera!

Oh, wait… there are OTHER resort areas… and just as lovely and inviting.. and oh!So much more affordable, too!

Adieu grand chateau! Adieu Pris apartment in the first arrondissement!

Oh… you know… other nations have lovely homes and estates, too! What a lovely surprise!

Adieu, France! Let me know when you come to your senses! Signed Hugs and Kisses, The Wealthy.

thatsafactjack on September 28, 2012 at 5:08 PM

The only thing stopping democrats from doing the same thing here is a nation of armed citizens.

The Notorious G.O.P on September 28, 2012 at 5:08 PM

I would bet bho is all bent out of shape to getter done here in the US if he is re-elected for the 75%? Why stop there? I seem to recall his kin, can’t remember who it was, said 100% would getter done for those working to pay their ‘fair share’?
L

letget on September 28, 2012 at 5:09 PM

It’s sorta pitiful, when Germany doesn’t even want to invade you, anymore.

OhEssYouCowboys on September 28, 2012 at 4:55 PM

Well, that’s it. Shut down the thread right there. You sir, win the internet.

Still laughing.

AZfederalist on September 28, 2012 at 5:09 PM

Hey, if you’re going to self destruct…GO BIG!!!

Hard Right on September 28, 2012 at 5:09 PM

So much for Western Civilization.

DarkCurrent on September 28, 2012 at 5:11 PM

Johnny Dep planning to flee France…

Hard Right on September 28, 2012 at 5:12 PM

“That’s it, time to move to France” – Said no one

nextgen_repub on September 28, 2012 at 5:13 PM

What an arrogant man their leader is. Sound familiar?

tomas on September 28, 2012 at 5:14 PM

It’s a good thing.

People are capable of taking the truth and ignoring it so utterly and completely that their behavior becomes irrational. Perfectly physically healthy people can become wide-eyed, walking disasters that cannot see the cause and effect relationships of their own actions, no matter how much Hell they bring to earth.

Once again, a reminder from Europe that societies can be bat-s*** crazy, and that government must be chained to the ground.

Thanks, François!

*cheek kiss*

*cheek kiss*

We’ll miss the syphilis!

Axe on September 28, 2012 at 5:15 PM

Hard Right on September 28, 2012 at 5:12 PM

LOL!Made me laugh! The list will be long.

Actually, many will simply move their money abroad, shelter it, and remain there…until the public mood turns on them for doing it. THEN they’ll be running back here.

thatsafactjack on September 28, 2012 at 5:15 PM

If enough flee into the east, we’l have the irony of France invading Germany.

apostic on September 28, 2012 at 5:01 PM

Yes, but the end result would still be the same.

Nick_Angel on September 28, 2012 at 5:16 PM

I predict that in two years or at the end of his mandate he will say that things were much worse than he thought and that if the French just reelect him he will turn things around.

29Victor on September 28, 2012 at 5:16 PM

tomas on September 28, 2012 at 5:14 PM

The French voted overwhelmingly for Hollande, he even told them what he was gonna do!

Those ‘frogs’ sure love them some socialism!!

I vaguely remember a revolution or 2 or somthing… oh well…

Au Revoire!!

Scrumpy on September 28, 2012 at 5:18 PM

DEATH SPIRAL

SPAIN

GREECE

They’re game plan has been to cut spending (fine…yay!) but then at the same time HIKE TAXES……huh?????

So the Tax Hikes create worsening economy….further debt…..

Cut Spending again…..Beg European Union for Bailouts…..HIKE TAXES…..

Tax Hikes make economy even worse…..

Repeat…Repeat….Repeat…..Repeat…..Repeat…..Repeat….
GERMANY HELP!!!!!!!!!!!

Now we have FRANCE skipping the “Cut Spending” part of the equation and going straight for the TAX HIKES.

Varchild on September 28, 2012 at 5:22 PM

I predict that in two years or at the end of his mandate he will say that things were much worse than he thought and that if the French just reelect him he will turn things around.

29Victor on September 28, 2012 at 5:16 PM

Yea no one can possibly turn the economy around in 2 years!!
Not even Bill Clinton!!

Varchild on September 28, 2012 at 5:23 PM

So much for Western Civilization.

DarkCurrent on September 28, 2012 at 5:11 PM

Hey, you! No fat lady has sung in America yet. And France is the de facto crown of western civilization only in France’s mind.

Axe on September 28, 2012 at 5:24 PM

“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded- here and there, now and then- are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.This is known as “bad luck.”

— Robert Heinlein

Dusty on September 28, 2012 at 5:25 PM

This is going to be an object lesson (yet again) in how socialism doesn’t work.

Yet there are still idiots like Hollande and the Dogeater who want to try it again and again.

CorporatePiggy on September 28, 2012 at 5:25 PM

Ask Jerry Brown and Pat Quinn how well this is working out. If they can hold until election day it won’t be long after that we get to see the consequences of crushing government debt here.

DanMan on September 28, 2012 at 4:48 PM

With all of these stunning examples of what not to do and what will not work … one has to wonder why the Romney campaign isn’t calmly, rationally telling every single audience of voters to look at what Obama is proposing, and look at what the liberal Democrats and their fellow travelers the Socialists have done and how it has failed.

Equate Obama with his corrupt and bankrupt Democrat friends in Illinois, Quinn and Todd Stroger and Rahm Emanuel and Jesse Jackson and Mike Madigan — and the bankrupt Illinois government and state pension system.

Equate Obama with his fan-boy Hollande and his “Tax the Rich and the Businesses to Achieve Prosperity!” plan.

Equate Obama with his mini-me, the Moonbat dope Governor Jerry Moonbeam in CA.

And ask the voters why on earth they would re-elect such a dope.

Jaibones on September 28, 2012 at 5:26 PM

Waiting for the new Citizen Robespierre to sharpen the guillotine in 1,2,3…..

Deano1952 on September 28, 2012 at 5:26 PM

And ask the voters why on earth they would re-elect such a dope.

Jaibones on September 28, 2012 at 5:26 PM

And the answer is….
http://www.youtube.com/watch?v=tpAOwJvTOio

Deano1952 on September 28, 2012 at 5:28 PM

Huis clos

Fallon on September 28, 2012 at 5:35 PM

France will be the European toilet within a year.

GarandFan on September 28, 2012 at 5:39 PM

What does France care if some billionaires leave or they go in more debt? They pushed through unlimited buying of bonds from the EU…so it is create as much debt as they want.

albill on September 28, 2012 at 5:42 PM

This reminds me of ‘The Lost Generation’. Those writers and poets and various other ‘artists’ who wandered into France around The Great Depression and aftermath.

The claim was made that they were ‘lost’ because of the cultural devastation of the first World War. ‘Lost’ because they were so traumatized by man’s inherent violence to man.’Lost’ because Gertrude Stein wasn’t satisfied with the job the young mechanic who had served in the war had done on her car. ” You are all a ‘generation perdue’.” A lost generation. How… artistic… of her.

The FACT that the Franc was worth about 5 cents on the dollar was more to the point. A person with very little in terms of dollars, could still live like a king in France post WWI and the Depression. Literary types and artists flocked to the region, along with anyone else with time on their hands a few dollars to live on a month, for an endless party. Champagne flowed like water and feasts could be had for a few pennies. Fitzgerald, Hemingway, and others wined and dined themselves to an astonishing excess. When the price of services and goods in France began to rebound in response to the market, the party moved on… until at last, it was over everywhere… and sobriety returned.

Now, things have come a full circle. France has been indulging its citizenry in a kind of party. Governmental largess to excess. The funds for this party came from those who work, and those innovators and investors who create the jobs. Now, those who have been indulging in the party demand even more, as party goers are wont to do. So the government, dually elected by the party goer’s, drives out those with money, the investors who fuel industry and innovation, with an attempt to confiscate the wealth of which these innovators would otherwise not part… in order to keep the party going.

thatsafactjack on September 28, 2012 at 5:42 PM

Axe on September 28, 2012 at 5:24 PM

Well, said. And I don’t see any real competition anywhere else, either.

thatsafactjack on September 28, 2012 at 5:44 PM

Not to French people coming to the US: We love ya, but we take showers here. Every day.

I guess Canada is going to be the only decent country left standing after we all implode. That’s okay, I guess. They’re nice.

PattyJ on September 28, 2012 at 5:47 PM

Corzine, Soros and the likes will live gloriously because Obama enables them.
Schadenfreude on September 28, 2012 at 4:47 PM

Soros created Obama, for the usual reasons. Obama was what he needed to shake the apples from the tree

The politicians on the right are charlatans too, in just a lesser way.
Schadenfreude on September 28, 2012 at 4:47 PM

One might say they were against it, before they were for it (cashing in and power mongering)

The folks are too dumb, out shopping, or watching Dancing and Idol, or the View.
Schadenfreude on September 28, 2012 at 4:47 PM

Bread and circuses for some. Many are too invested. If they admit they have been coasting on a pack of lies, they might have to act. The Tea Party types acknowledge the dupe,and are willing to face the unpleasant task of fighting a behemoth

Some lefties can also admit Obama cheated them

HOwever, Bread and circuses only last until the bread is gone. We hit the end game too soon. Timing is everything

entagor on September 28, 2012 at 5:53 PM

This will totes work. In a related story, Nancy Pelosi is releasing a cover version of Ted Nugent’s “Cat Scratch Fever”

Metro on September 28, 2012 at 5:53 PM

Let’s play careful attention to what happens here, folks (heh, any predictions?). While it may not be quite as extreme, this is essentially the same idea as what President Obama is most actively proposing on the campaign trail these days.

I’ve got a prediction. Any smart, ambitious Frenchman with a small business, or a good idea for a business, will buy a one-way ticket through the Chunnel and set up his business in the UK, and hire a few Brits and help the Tories get re-elected.

And Franswa Ollande will wonder why French unemployment goes up.

Steve Z on September 28, 2012 at 5:57 PM

Circular firing squad.

Count to 10 on September 28, 2012 at 6:01 PM

When what you’re doing isn’t working, do more of it, more often.

EA_MAN on September 28, 2012 at 6:06 PM

The Ruling class wants their fair share.

FlaMurph on September 28, 2012 at 6:12 PM

I would bet bho is all bent out of shape to getter done here in the US if he is re-elected for the 75%? Why stop there? I seem to recall his kin, can’t remember who it was, said 100% would getter done for those working to pay their ‘fair share’?L

letget on September 28, 2012 at 5:09 PM

It was President Obama’s Father, Barack Obama Sr. who said:

Theoretically, there is nothing to stop the government from taxing 100% of income…

http://www.breitbart.com/Breitbart-TV/2012/07/26/Barack-Obama-Sr-Nothing-Stopping-Govt-From-Taxing-100-Of-Income

His Father was the source of President Obama’s dreams.

Let’s hope France provides an example of why taxing “the rich” doesn’t work, QUICKLY.

wren on September 28, 2012 at 6:16 PM

Memo to Reince Priebus, Grand Poohbah of the GOP.

From this point forward, any discussion of budgets or government spending will always mention the liberalism/obamanomics method as a proven failure on how to grow the ecomomy. Trickle-down/Reaganomics can now be proven without a doubt to be the only method of actually growing the economy.

Telling the American people, we’ve tried Obamanomics, spent trillions on stimulus/tarp/borrow/print/spend, and it is a proven failure. Settled science and all that. Repeat the facts often and loudly, It failed under every president it’s been tried under.

We can now say without hesitation, you cannot spend or tax your way to prosperity.

Sincerely,

Those who produce.

@rightside2beon

rightside on September 28, 2012 at 6:17 PM

It’s only ‘fair’ to confiscate someone’s property; I mean it’s not as if they earned it – like the ones doing the confiscating. I suppose the pitchforks, torches and guillotines are being readied now.

ghostwalker1 on September 28, 2012 at 6:20 PM

Yep: France goes for the gold with a 75 percent income tax on high earners

…the American lunatic-left extremists just had their biggest organism since OBOZO stole the 2008 election.

TeaPartyNation on September 28, 2012 at 6:30 PM

Gee, if the United States didn’t have the highest effective Corporate Tax Rate in the developed world, we might be able to convince some of the fleeing French to come to America to start businesses and employ Americans.

On Sunday, April 1, Japan lowered its corporate tax rate, leaving the United States with the highest effective rate among developed countries: 39.2 percent.

Operating under a higher tax rate automatically puts U.S. based firms at a competitive disadvantage to their foreign counterparts. Developments in technology and greater global integration have opened international boundaries. Companies today have fewer deterrents from relocating their operations to areas that provide the most economically conducive environment, putting an inestimable pressure on nations to create commerce-friendly conditions. We’ve already seen this at a state by state level.

But America is failing to keep pace. Today, U.S. investment in foreign firms is three times greater than in American companies, and in 2010, only six of the 20 largest global companies were U.S. based, down from 13 in 1985.

http://www.usnews.com/opinion/blogs/economic-intelligence/2012/04/02/worlds-highest-corporate-tax-rate-hurts-us-economically

If America wants to compete in the global economy, it needs to reduce its Corporate Tax Rate.

wren on September 28, 2012 at 6:32 PM

I`m tempted to say screw em all and laugh my a$$ off as France swirls in the metaphorical toilet water to oblivion but I also know that there are many many folks in France who (like here) neither asked for nor want or agree with any of the tax and spend lunacy that seems to inflict the leftist/socialist mind, so sad they`ll have to learn the hard way.

NY Conservative on September 28, 2012 at 6:43 PM

I tried to work up some sympathy for those french bastards…but I can’t.

Things will get very ugly.

workingclass artist on September 28, 2012 at 6:56 PM

I`m tempted to say screw em all and laugh my a$$ off as France swirls in the metaphorical toilet water to oblivion but I also know that there are many many folks in France who (like here) neither asked for nor want or agree with any of the tax and spend lunacy that seems to inflict the leftist/socialist mind, so sad they`ll have to learn the hard way.

NY Conservative on September 28, 2012 at 6:43 PM

75 percent? Holy cr*p! I can’t get past that to deal with what the rest of the article says. Insane. Say hello to the new future of Amerika…aka “The hard way”.

redlucy on September 28, 2012 at 6:59 PM

It’s the Democrat dream made flesh. Watch and take notes. We’ll be joining France soon enough.

Blacklake on September 28, 2012 at 7:34 PM

collapse the system….aggressive socialism simply leads to communism, there is no other way. It is not possible to have more than 10% or thereabout within a capitalist society; socialism is like an auto-immune disease, you can only contain it or it engulfs.

Has France limited immigration or are they still drying out the teet?

Everything is up to Germany…until no one buys their products, then it’s game over.

John Kettlewell on September 28, 2012 at 8:11 PM

Wow. A special tax on a whole 1500 individuals and they expect to turn the economy around in two years?

I imagine the government will spend most of the next two years preparing excuses for why the economy didn’t improve.

tom on September 28, 2012 at 8:36 PM

Did the French make an exception for highly paid athletes?

goatweed on September 28, 2012 at 9:19 PM

Erika you say we need to pay attention to what happens in France.

I would like to just politely point out one more example in history or even in Europe currently doesn’t seem to phase the kind of people who are voting for Obama. Trying to point to Europe doesn’t seemed to work on leftist who think they are on the edge of liberal utopia if they can get Obama another term and after that does it really matter if you can see the Democrats or Obama were wrong?

Conan on September 28, 2012 at 9:58 PM

Wow. A special tax on a whole 1500 individuals and they expect to turn the economy around in two years?

tom on September 28, 2012 at 8:36 PM

The 75% rate on those earning over 1 million Euros a year is the more sensational part of the Hollande budget. It also raise the rate for people making 200000 Euros a year to 45%.

bayview on September 29, 2012 at 1:20 AM

Yeah, and under noted Commie, Dwight D. Eisenhower, the top rate was over 90%.

During that time, the economy expanded, and the socialist government constructed the Interstate Highway System.

http://news.yahoo.com/eisenhower-obama-wealthiest-americans-pay-taxes-193734550–abc-news.html

inklake on September 29, 2012 at 2:35 AM

inklake on September 29, 2012 at 2:35 AM

The Interstate Highway System was built with gasoline tax, not federal income tax, you lefty idiot trying your best sleigh of hands.

GDP growth under Eisenhower was about 2.4%, less than the 4% under Truman. Eisenhower’s main economic emphasis was cutting spending and reducing the national debt. Are lefties like you in favor of that? And had Barry even made the slightest attempt along those lines.

There were 3 recessions under Eisenhower, but somehow those escaped your propaganda rant.

bayview on September 29, 2012 at 3:09 AM

This is the definition of winning by losing. France is a lost cause!

jjnco73 on September 29, 2012 at 8:07 AM

The gas tax was a federal tax. Yes, it wasn’t an income tax, which probably would have been better, as otherwise, it hurts poor people the most, while everyone benefits from the Interstate system.

Under Eisenhower, debt went down as % of GDP versus the Truman administration.

Countries with a higher marginal tax rate, national health service, and lower debt include, Sweden, Norway, and Canada.

I’m going to enjoy checking in on this message board in 39 days.

inklake on September 29, 2012 at 8:14 AM

This is pure insanity. Who will start a business in France? Consider that 6 out of 10 new small businesses go out of business in the first 16 months. How would it be if the few that made it had to give away 70% of their profits? Let’s face it, the risk/reward is now high enough so it doesn’t justify the investment, ummm, unless you cheat. This is going to get very ugly very fast. For us, we can’t really rely on France as a solid ally anymore, if we ever could, because this is going to break them unless they put a pretty large loophole in this law.

Dollayo on September 29, 2012 at 8:14 AM

“When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, “Who is destroying the world?” You are.”
― Ayn Rand, Atlas Shrugged

Bulletchaser on September 29, 2012 at 9:13 AM

I’m going to enjoy checking in on this message board in 39 days.

inklake on September 29, 2012 at 8:14 AM

In 39 days, you won’t be found anywhere.

trigon on September 29, 2012 at 11:13 AM

The gas tax was a federal tax. Yes, it wasn’t an income tax, which probably would have been better, as otherwise, it hurts poor people the most, while everyone benefits from the Interstate system.

Under Eisenhower, debt went down as % of GDP versus the Truman administration.

Countries with a higher marginal tax rate, national health service, and lower debt include, Sweden, Norway, and Canada.

I’m going to enjoy checking in on this message board in 39 days.

inklake on September 29, 2012 at 8:14 AM

A dishonest troll like go-jump in the was caught in his lie implying the federal income tax rate under Eisenhower led to building of projects like the Interstate Highway System, and had no answer.

Nor did he answer the question whether Barry should follow Eisenhower emphasis on cutting spending and reducing debt.

He offered up Sweden, Norway and Canada as examples of countries with high tax rate that are doing well without mentioning that all were struggling until they actively cut their high income tax rate. And they have rather small homogenous population, and not afraid to use the natural resources like oil.

Yes Barry may win in 39 days, but you can build your socialist exploitation system without me. I have gone Galt and you can kiss my ass before you jump back into the dried and inky puddle.

bayview on September 29, 2012 at 1:52 PM

The gas tax was a federal tax. Yes, it wasn’t an income tax, which probably would have been better, as otherwise, it hurts poor people the most, while everyone benefits from the Interstate system.

inklake on September 29, 2012 at 8:14 AM

The gas tax taxes you based on how much gas you use, a strong determinant of how much you use the roads… which is unfair?

So a poor person driving more than me, using more gas, and making more use of the roads should “fairly” pay less than me, as I make more and don’t use the roads as much.

See we all benefit, some more than others, depending on how much they drive. So we should all pay, based on how much we have with no regard to how much we drive.

This, as the liberal will tell you, is “fairness”. Robbing someone with more than you so you benefit at their expense is “fairness” and paying based on what you actually use is “unfair”.

“Fair” – One of many words redefined by liberals until it truly has no meaning whatsoever.

gekkobear on September 29, 2012 at 10:20 PM

Yep: France goes for the gold with a 75 percent income tax on high earners

Won’t do them any good.

All I can figure is that they’ve been promised a Marshal Plan II.

Dr. ZhivBlago on September 29, 2012 at 11:00 PM