Is this also Obama's dream? French 75 pct tax rate would last years -Hollande aide (Reuters) - The 75 percent tax rate that French presidential frontrunner Francois Hollande wants to slap on income over 1 million euros will be kept in place for many years, in line with the broader debt reduction effort, a top adviser to the Socialist candidate said on Tuesday. In an interview with Reuters, Hollande adviser Michel Sapin said the 75 percent rate was more a symbolic measure than a big moneyspinner for the state but should stay in place for as long as the rest of Hollande's national debt-reduction effort. Slashing the public debt from some 89 percent of gross domestic product to the desired level of 60 percent would take "many years", said Sapin, an ex-finance minister who is in charge of Hollande's election manifesto. "So our endeavour is going to last a long time. This measure (75 percent rate) will last as long as the exceptional (broader) sacrifice France has to make," he said. Asked if this meant it would be kept for several years, he said, "Yes, naturally." Hollande, who is tipped in polls of voting intentions to beat conservative incumbent Nicolas Sarkozy in a May 6 run-off, announced the 75 percent tax rate plan in late February and has since said it is a symbolic measure that would hit about 3,000 people and generate around 200-300 million euros a year. http://www.reuters.com/article/2012/04/10/france-election-tax-idUSL6E8FA4LP20120410
GL I believe that will cause an *instantaneous* Euro crisis if it occurs with massive capital flight. Or course, the French deserve it.
LOL, time to start shorting French Stocks. No one who has money is going to stick around for that kind of bullshit.
We used to have tax rates that high here. But we used to have liberal tax deductions too for investment. Sometimes the writeoff was a multiple of the investment. i.e. Invest $100,000 take a $400,000 write off. Now, liberals want to push the tax rates back up but not provide for investment write offs.
If they keep it up and it occurs widely across Europe and also in the US I would be concerned about worldwide economic depression.
I can't believe some old hags decide the fate of the world. I don't know if they are pure evil or just stupid.