Skip to comments.France taxes rich and business to slash deficit
Posted on 09/28/2012 7:22:20 AM PDT by Beave Meister
President Francois Hollande's Socialist government unveiled sharp tax hikes on business and the rich on Friday in a 2013 budget aimed at showing France has the fiscal rigor to remain at the core of the euro zone.
The package will recoup 30 billion euros ($39 billion) for the public purse with a goal of narrowing the deficit to 3.0 percent of national output next year from 4.5 percent this year - France's toughest single belt-tightening in 30 years.
But with record unemployment and a barrage of data pointing to economic stagnation, there are fears the deficit target will slip as France falls short of the modest 0.8 percent economic growth rate on which it is banking for next year.
The budget disappointed pro-reform lobbyists by merely freezing France's high public spending rather than daring to attack ministerial budgets as Spain did this week as it battles to avoid the conditions of an international bailout.
(Excerpt) Read more at reuters.com ...
“Looks like there we be a lot of French moving away soon.”
Like Johnny Depp.
With a 75% Super Tax Rate of anyone making over 1 million euro, yes, I think even Johnny Depp with soon be departing from his beloved France.
If you want good economic and tax policy look no farther than “thou shall not covet thy neighbors’ goods. And economy built on envy, jealousy, covetousness and theft is doomed. Try appreciation and gratitude. Works every time.
Works every time.
No discussion of cutting budgets.
Put another way, "I'm sick with a fatal disease... but I'm choosing medicine that will preserve my disease. Wow. Can Liberals be any more openly foolish?
The next stumble down the French abyss will be violence followed by another like Hitler or quite possibly a muslim.
Good luck with that. (a) Raising tax rates will usually lower receipts, (b) Economic activity is slowing down anyway.
So stealing money from others (raising tax rates) is now considered to be a "tough" and "rigorous" move?
Ha ha ha!
Reminds me of the limp-wristed argument proffered by the Soft Left that cowardice and retreat in the face of adversity is the highest form of true bravery.
Can Liberals be any more openly foolish?
Look no further than America. The ‘ism’s” have never worked but half of America is voting for an “ism” that will kill America - foolish? My description is too strong to repeat here. The last refuge for freedom and liberty is being crushed by its own. Unfortunately we have to suffer with the ignorant and uninformed mass murderers.
The President Holland will be surprised when next year tax revenues drop. The rich are not stupid and they will seek any means possible to avoid this tax including moving out of France. Margaret Thatcher said it best... The trouble with Socialism is that eventually you run out of other people’s money.
So true and that would eliminate any type of horrible income tax.
And no doubt they are using the new revenue to eliminate the deficit instead of creating new vote buying programs ? /s
The is going to work. All they will need in addition is a five year plan to get rid of a few wreckers, running dogs of capitalism and a few kulaks.
The next stage for France—The Man on a White Horse to save them—Only this time it will be a woman. She will be a Neo-Fascist—like Evita Peron rather that Hitler or Mussolini.