France’s Hollande: All right, new plan on that 75 percent millionaire tax

posted at 10:01 pm on March 28, 2013 by Erika Johnsen

Socialist French President Francois Hollande is only ten months into his first term, and things are just not going according to plan for the guy. His anti-austerity campaign promises to jumpstart the French economy are not seeing any fruition; he’s reneging on his eurozone pledge to bring France’s deficit under three percent of GDP; unemployment is still above ten percent; and his job approval ratings are the lowest for a French president in thirty years.

Last week, the government finally decided to scrap one of his key campaign promises to levy a whopping 75 percent tax on anyone making over a million euros a year — and Hollande is now flailing wildly for something, anything he can do to look like he’s proactively punishing the upper classes and redistributing wealth. This is what it looks like when Socialists start to get desperate:

François Hollande has vowed to force companies to pay a 75 per cent levy on salaries over a million euros in a face-saving bid after his plan to tax individuals was slapped down as confiscatory by the country’s constitutional court.

The Socialist French president made the surprise announcement in a “moment of truth” prime time TV interview he hopes will reverse record low approval ratings for a French head of state. …

In what French commentators dubbed the Socialist leader’s “oral re-sit” after ten months of communication blunders, Mr Hollande spent 45 minutes trying to convince a disillusioned nation that he is not a “bad president”. …

Mr Hollande conceded that had not anticipated that the economic crisis would “last as long as it has, longer than expected”, but said he had implemented “all the tools necessary” to get through it.

The 75 percent payroll tax would apply to million-plus euro salaries for just two years, but pardonne moi – I hardly think even just a temporary addition to the exorbitantly high taxes companies already pay is going to assuage the riled business community.

Le sigh. I’m not really sure what France was expecting the man to accomplish. He’s a Socialist (although, apparently, some of the country’s hardcore leftists are upset that he hasn’t been socialistic enough. Shaking my head.) Socialism is pretty reliably antithetical to robust economic growth, no?

And make no mistake in thinking that Hollande’s proposal has anything to do with a sincere effort to raise revenue to help balance the country’s fiscal problems — he’s been pretty open about his belief in soaking the rich as a moral imperative.


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Mr Hollande conceded that had not anticipated that the economic crisis would “last as long as it has, longer than expected”

Obama should have warned him. Bush.

Marcus on March 28, 2013 at 10:05 PM

French companies to Hollande: Fund Your Utopia Without Us! Au revoir!

Resist We Much on March 28, 2013 at 10:06 PM

Confiscating the fruits of one’s labor is not only moral and just, but it is the logical outworking from a correct thinking individual.

Thank you State!

tom daschle concerned on March 28, 2013 at 10:07 PM

Mr Hollande conceded that had not anticipated that the economic crisis would “last as long as it has, longer than expected”, but said he had implemented “all the tools necessary” to get through it.

“Hey! You stole that from me!”

-Dog Eater

Bishop on March 28, 2013 at 10:09 PM

and his job approval ratings are the lowest for a French president in thirty years.

For a Frenchman, that’s pretty damn remarkable.

Myron Falwell on March 28, 2013 at 10:09 PM

Le Sigh

Scrumpy on March 28, 2013 at 10:10 PM

Mr Hollande conceded that had not anticipated that the economic crisis would “last as long as it has, longer than expected”,

Sounds like he was waiting for someone else to end the crisis so he get to presidentin’ the right way.

BobMbx on March 28, 2013 at 10:10 PM

Socialist French President Francois Hollande is only ten months into his first term, and things are just not going according to plan for the guy. His anti-austerity campaign promises to jumpstart the French economy are not seeing any fruition; he’s reneging on his eurozone pledge to bring France’s deficit under three percent of GDP; unemployment is still above ten percent; and his job approval ratings are the lowest for a French president in thirty years.

…he must not have the media wearing knee pads…or bibs in his corner… like JugEars does…

KOOLAID2 on March 28, 2013 at 10:11 PM

As for the new stupid tax, expect all those people making over a million Euros to suddenly begin making 900k or so with the difference being made up some other way, such as 100k expense accounts.

Socialism only works when the socialists become something even worse, and then of course it isn’t socialism any longer.

Bishop on March 28, 2013 at 10:11 PM

Mr Hollande conceded that had not anticipated that the economic crisis would “last as long as it has, longer than expected”, but said he had implemented “all the tools necessary” to get through it.

Sounds familiar

Jackalope on March 28, 2013 at 10:16 PM

Can you believe this Hollande loser learned to be a socialist in the United States in the 1970s? The only difference between Hollande and Obama? Hollande doesn’t actually hate his country.

Raquel Pinkbullet on March 28, 2013 at 10:17 PM

Oops, Bishop beat me to it.

Jackalope on March 28, 2013 at 10:17 PM

…why does that guy remind me of former New York Senator Alfons D’Amato?

KOOLAID2 on March 28, 2013 at 10:21 PM

Socialism only works until you run out of other peoples money to steal. Looks like France is running out of other peoples money to steal.

SWalker on March 28, 2013 at 10:29 PM

and his job approval ratings are the lowest for a French president in thirty years.

For a Frenchman, that’s pretty damn remarkable.

Myron Falwell on March 28, 2013 at 10:09 PM

Remember, a lot of those that disapprove of his job performance are pissed he isn’t redistributing the wealth fast enough.

lowandslow on March 28, 2013 at 10:29 PM

Socialism is gay…

Seven Percent Solution on March 28, 2013 at 10:30 PM

The only good liberal in this world is the one that stopped breathing, yesterday.

Tbone McGraw on March 28, 2013 at 10:31 PM

Mr Hollande conceded that had not anticipated that the economic crisis would “last as long as it has, longer than expected”, but said he had implemented “all the tools necessary” to get through it.

But did he talk about focusing like a laser on the economy?

Did he blame his successor?

Did he blame the opposition in the Parlement français?

Did he talk of those who have a little more should be expected to pay a little more?

Did he use the words balanced approach?

Hollande may be the leader of one of Europe’s most aggressive socialist states but he could learn a lot from our rat-eared devil about presidentin’

Happy Nomad on March 28, 2013 at 10:33 PM

Eat the rich 2.0
–bayam

tom daschle concerned on March 28, 2013 at 10:34 PM

François

Redneck PSA: That little goatee means you are supposed to swallow/choke/vomit the letter. The French language is beautiful, but it’s better to be bulimic before you try to speak it. Panel Advice: Say Frank, then “wee wee wee, haw haw haw” to make it clear he’s French.

. . .Hollande conceded that had not anticipated that the economic crisis would “last as long as it has, longer than expected” . . .

Like syphilis.

euro

– And please note that even the money has caught gay.

Axe on March 28, 2013 at 10:34 PM

Do you think Obama and Hollande lay in bed at night wondering why their economic plans aren’t working like they did in their “How to Hybrid Capitalism and Marxism” textbooks?

lowandslow on March 28, 2013 at 10:37 PM

In what French commentators dubbed the Socialist leader’s “oral re-sit”

Darn kinky French…

Robert_Paulson on March 28, 2013 at 10:39 PM

How come socialists think they are smarter than everyone else???

One hundred and fifty years of history has proven them wrong.

Can they just move aside and let the adults clean up their mess?

redguy on March 28, 2013 at 10:43 PM

Do you think Obama and Hollande lay in bed at night wondering why their economic plans aren’t working like they did in their “How to Hybrid Capitalism and Marxism” textbooks?

lowandslow on March 28, 2013 at 10:37 PM

Do you mean together or separately?

Aviator on March 28, 2013 at 10:46 PM

Back when Hollande was elected in May 2012, I said that, by the end of the year, his approval ratings would be in the 30s and the people would be in the streets. Both predictions came true.

One, his tax policies would depress the economy further and increase the already high unemployment; yet, the French wanted the tetes of the “evil rich” on pikes. Two, France needed to raise nearly ~€300 million by the end of the year and its borrowing costs would have soared if Hollande grotesque government spending gorgy had been implemented; yet, the people were expecting it. Hollande’s predicament was so predictable only those wearing rose-coloured glasses could not have foreseen it.

As I tried to explain to celebratory Progs in the US last year, even the French Right was secretly pulling for Hollande. France’s situation is dire, as is the entire eurozone. Anyone was going to have a very rough time. So, why not let Hollande not only get the headache, but infuriate the French by proving just how disastrously his Socialist policies have destroyed the economy? I mean, the French people have even reversed themselves on Gérard Depardieu! “Wait a minute. The guy’s paid over $200 million in taxes during his lifetime and you bureaucratic pr1cks, who have been sucking on the government teat in one form or another for your entire lives, have the audacity to call him greedy, selfish, unpatriotic, and a traitor??? Va te faire foutre, vous morceaux ignobles de merde!”

Resist We Much on March 28, 2013 at 10:52 PM

Socialism only works until you run out of other peoples money to steal. Looks like France is running out of other peoples money to steal.

SWalker on March 28, 2013 at 10:29 PM

While infinitely wise, Baroness Thatcher was only half right. Socialism requires not only OPM, but OP…and Europe is rapidly running out of both. You see, we just couldn’t be bothered to have the children to work pay the taxes to pay for the luxurious welfare hammocks to which we believed we were entitled from cradle to grave. Sure, we imported some “children” from the Middle East, Southeast Asia, and Africa, but it turns out that they, too, wanted to sway in the hammock and sure as hell didn’t want to work in the fields to support the “old, white colonialists.” Anyhoo, even though the “children” breed quite sufficiently, the so-called “natives” breed so infrequently that the population rate still declines. Some countries have tried to entice women to have children by paying them. Countries like Spain and Greece have such a low fertility rate that their populations will halve themselves with each successive generation – AND THIS WAS BEFORE THE ECONOMIC CRISIS.

And, there is one other element that Marx and Engels understood, but today’s Socialists refuse to acknowledge: Homogeneous societies/like peoples-cultures are more likely to share and work together than multi-kulti ones, which is why socialistic programmes have fared better in Scandinavia and Japan than southern Europe. Of note, as Sweden and Norway have become less homogeneous, support for welfare has fallen and the governments have become less socialistic.

Resist We Much on March 28, 2013 at 11:07 PM

It absolutely amazes me that anyone could be so dumb as to think Socialism, in any form, is viable. It wasn’t even meant to be taken seriously in the first place. Karl Marx was a dope.

And yet now we have “progressives” (could there be a more Orwellian term?) trying to cast this as something new and smart.

FAIL!

WhatSlushfund on March 29, 2013 at 12:19 AM

…and the guy who has a worse rating in France some 32 years ago…

Drum roll please…

Fellow socialist traveler Francois Mitterrand.

Ceteris Paribus on March 29, 2013 at 12:24 AM

It might be time to concede that the debt will never get paid unless we raise taxes. Not just the rich though. We all need to kick in. Middle class, the poor.

hawkdriver on March 29, 2013 at 12:45 AM

This leftist jackass, an Obama wannabe, is down to 24% approval. Of course the media in France actually report on the dismal economy unlike the American media.

pat on March 29, 2013 at 3:05 AM

It just astonishes me how some people can be so economically stupid. I mean it is hard for me to grasp the thought that these people believe this will work. My brain just can’t process it.

The Notorious G.O.P on March 29, 2013 at 3:49 AM

It just astonishes me how some people can be so economically stupid. I mean it is hard for me to grasp the thought that these people believe this will work. My brain just can’t process it.

The Notorious G.O.P on March 29, 2013 at 3:49 AM

It is training, Hollande likely has been exposed to classical economics but it was probably regarded as fundamentally unsound. Talk to an educator today, they believe exactly what Hollande is promoting. That is what they are teaching and that is why we will have to collapse before anyone wakes up.

jpmn on March 29, 2013 at 6:03 AM

He needs to blame Le Bush

bsinc1962 on March 29, 2013 at 7:05 AM

What would Hugo have said?

And I don’t mean Victor!

Shy Guy on March 29, 2013 at 8:08 AM

Mr Hollande conceded that had not anticipated that the economic crisis would “last as long as it has, longer than expected”, but said he had implemented “all the tools necessary” to get through it.

Gee sounds a lot like Obama.

kage on March 29, 2013 at 8:30 AM

How come socialists think they are smarter than everyone else???

One hundred and fifty years of history has proven them wrong.

Can they just move aside and let the adults clean up their mess?

redguy on March 28, 2013 at 10:43 PM

“We’re after power and we mean it. You fellows were pikers, but we know the real trick, and you’d better get wise to it. There’s no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals, one makes them…you create a nation of lawbreakers – and then you cash in on guilt. Now that’s the system, Mr. Rearden.”

-Dr. Ferris, in Ayn Rand’s Atlas Shrugged

Power is what they want. Primarily, the power to destroy anyone or anything they see as different from themselves. And they want to rule, without let or hindrance, in the style of medieval monarchy.

People with that mindset cannot be reasoned with. And they do not admit error. They simply blame everyone else for their failures, and demand “more”- more power, more money, and more obedience.

Eventually they hit “the wall”- they run out of money, time, and scapegoats. That’s the point at which they generally turn to violence, inevitably directed at those they rule over.

They dream of living like fin-de-sicle’ lords on everybody else’s nickel. But the system they dream of isn’t capable of producing the nickels.

No, reality is not their friend, any more than history is. This is why they pride themselves on their ignorance of both. Their dogma must always win, they argue, because it is dogma. It’s interesting to watch people who pride themselves on not believing in “superstition” (religion) behaving like… religious zealots.

It makes for twistedly great theater. But lousy government.

clear ether

eon

eon on March 29, 2013 at 9:02 AM

Der Soiegel and Le Monde — the story continues!

Le Monde says they are (or were) looking at a 66% cap to be a maximum tax on income from any source.

You missed it. They have their own little Warren Buffet adherents over there. Apparently the extreme socialists wanted it above 75% if you just sit home and clip coupons.

Then someone suggested that, (my number) a, say, 90% might harm investment capital in the country.

In the meantime, the Germans are called mealy mouthed for never having a strident anti-terror position and the NDU apparently had neo Nazis running around killing and robbing banks with a Czech Model 83 7.65 MM X 17 MM pistol and Wikki leaks has been chasing neo Nazis with hacking their sites and publicizing folks who buy from them.

The Germans told the French that they are heavily involved in Afghanistan and when they get militant the french and everyone gets upset and scared. There was a story sometime ago that Germans would not go out after dark in Afghanistan and some Brits died since Germans failed to help. That was in broad daylight.

I couldn’t make this stuff up.

IlikedAUH2O on March 29, 2013 at 10:21 AM

the french like us get what we deserve.

unseen on March 29, 2013 at 11:16 AM

Socialism just insures that EVERYONE is EQUALLY miserable.

GarandFan on March 29, 2013 at 12:52 PM

When that tactic doesn’t work, he’ll just raid their bank accounts. It’s ok for socialists to do that now.

By the way that Cypress deal is killing businesses there. Article on ZeroHedge. They can’t get at their operating capital.

dogsoldier on March 29, 2013 at 1:09 PM