Posted on 08/07/2012 4:09:23 PM PDT by Oldeconomybuyer
President François Hollande has proposed a 75 percent tax on income over 1 million euros. Under current tax laws, two hypothetical couples with two children each and comparable annual incomes, as expressed in euros, would have more take-home pay in New York City than in France. Under the Hollande proposal, the French couple’s take-home pay would be considerably lower.
(Excerpt) Read more at nytimes.com ...
A 42% rate in NYC is bad enough.
I wonder if the liberals in France are anything like the liberals in America....where they vote for outrageous tax hikes because they have no intention of ever paying them.
H/T KC_Lion
The French have a hatred for people who have more than they do ever since the Revolution. 80% of French people support this confiscatory tax, not having any idea if the implications.
The sole purpose of this tax is wealth redistribution.
Add the 19.4 TVA (VAT) on almost everything you buy, and you are nearing 95% paid to the State in taxes.
Let’s see how many people actually leave. Most of the entrepreneurs and big earners are already in NY. I hear French spoken on the street daily, and have been getting calls from French friends and their families looking fir help In finding apartments to buy.
Hollande is a true Marxist/Socialist. He will be in power for five years. People want to escape.
I just read that Mississippi has welcomed French exiles. Bienvenue aux
États-Unis! Please spend your money here.
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France is cemeting its status as a lovely antique. This is not only a loss for French innovation and economic activity, this is a mortal threat to French cultural vibrancy and relevance. Not only will the wealthy leave, they will eventually be followed by the thinkers, writers and artists that stagnate and degenerate under socialist, totalitarian regimes.
La patrie en danger!
Thanks Cincinna.
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