Posted on 09/29/2012 3:15:47 PM PDT by Olog-hai
France's Socialist government on Friday (28 September) unveiled €30 billion ($38.6 billion) worth of tax hikes and spending cuts in a bid to bring the public deficit in line with EU rules next year.
Dubbed a "combat budget" by Prime Minister Jean-Marc Ayrault, the fiscal plan is based on sharp tax increases for the rich (75% on millionaires) and for companies expected to bring in €20 billion ($25.7 billion).
The budget is based on the assumption the economy will grow by 0.8 percent.
This may prove difficult, as France's growth was zero this year and the continuing eurozone crisis is worsening the prospects for next year. …
(Excerpt) Read more at euobserver.com ...
http://www.freerepublic.com/focus/f-bloggers/2938078/posts
He really thinks a 75% tax will improve things?
How many rich people do you think are reducing their own pay to under a million euro’s? He doesn’t understand cause and effect.
Will he demand those who give themselves pay cuts to avoid the tax be arrested?
Yes, it is a combat budget. Unfortunately for the French, it is a war against prosperity. The rich will leave. You cannot tax and spend your way to prosperity.
These are open socialists, remember. Enough of the really rich have fled France for the UK and other places.
This whole “austerity” game has something else behind it, though.
I guess we can’t say “please pass the popcorn” while France goes down the tubes. How about “Please pass the snails”?
“Combat Budget” is it anything like War Communism of Lenin?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.