Posted on 11/02/2017 3:24:26 PM PDT by Olog-hai
France said Thursday it would temporarily raise taxes on the profits of big companies in order to meet its deficit target after being hit with a hefty bill for an unlawful levy on dividends.
President Emmanuel Macron’s centrist government has pledged to bring the deficit within the EU limit of 3.0 percent of GDP for the first time in a decade this year.
That goal, however, appeared to be in jeopardy after the state was ordered to pay back €10 billion ($11.6 billion) in taxes on dividend payments imposed by Macron’s Socialist predecessor François Hollande.
Ruling that the tax was unfair, the French Constitutional Council ordered last month that companies be reimbursed, creating a massive hole in Macron’s first budget. […]
From 33.3 percent currently, the corporate tax rate will rise to 38.3 percent for companies with turnover in excess of €1 billion in 2017 and to 43.3 percent for those with revenues in excess of €3.0 billion, [spokesman Christophe Castaner] announced.
The move is expected to add €5.0 billion to state coffers, which, when coupled with additional spending cuts, will allow France to maintain its goal of a 2.9 percent deficit, the government said. …
(Excerpt) Read more at thelocal.fr ...
Hmmmmm. Exactly what would happen if D.C. were to pass the misnomer “Balanced Budget Amendment”.
They can’t follow\adhere to the EXISTING Constitution, let’s tack on something they’ll use to abuse/abolish the rest in no time! Brilliant!
As for France, and Europe in general, let’s start pulling back OUR forces and allow ‘em to defend themselves. They don’t like us there anyway. See how good the Socialism is when they have to start paying their own bills.
big companies have massive layoffs and it starts all over again
And how much of those taxes will they actually collect?
France has its own military.
However, you are correct about pulling troops out of Germany. Just putting them in friendly eastern nations would be a step in the right direction.
So long as those troops remain a check on any buildup of the Bundeswehr, that would make sense.
For quiet some time I have concluded that NATO exists to protect the USSR/Russia from Germany. Not the other way around. Invading Russia is in their blood.
Socialism comes before communism....first you bankrupt private industry...
Fascinating, at that rate, he’s gonna lose some weight.
The Frogs are about to get a hard lesson on the Law of Unintended Consequences.
Good, let those French corporations flee to Trump’s America!
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