France’s new socialist dream president, François Hollande, would like everyone to pay a 75% tax on any portion of their income above one million euros. What could possibly go wrong with this “genius” plan?
There’s an interesting quotation in the article:
“French people have an uncomfortable relationship with money,” Mr. Grandil said. “Here, someone who is a self-made man, creating jobs and ending up as a millionaire, is viewed with suspicion. This is big cultural difference between France and the United States.”
That last sentence may have been true 20 or more years ago but is it really valid any longer? Thanks to the Occupy Movement and the never-ending class warfare tactics of the Democrat Party and their allies in the MSM, it seems that half of the American people also view successful people with suspicion, derision, and envy. While this remains true, the idea that compromise can be found between the Left and the Right is pure nonsense.
Lee Doren has published a video on the issue.
“the idea that compromise can be found between the Left and the Right is pure nonsense.”
This right. The left never compromises unless it is to their strategic advantage in the long run. Remember Khrushchev’s “one step back, two steps forward”.
What could possibly go wrong is: outsourcing of the economy.
You see, profits or wealth, don’t remain in someone’s old socks at the back of their cupboard. They are INVESTED into building more factories, adding more jobs, funding more production of more goods and services.
So, the people who generate wealth, who are the private sector alone, will remove this wealth from the national banks and ship it to some other country. There, these foreign banks will use it to develop new industries, new small businesses in that nation!
So, effectively, a nation that taxes the wealth of its wealth-generators, will find itself without the ability to itself …make more wealth. It will all have moved to some other country.
Oh, and to assume to this wealth-taken-from-socks by the government, will generate more wealth via the government’s activities, is utopian fantasy. Governments CONSUME wealth; they don’t produce wealth. Governments fund non-wealth producers, such as the entitlements (pensions, welfare, social services); and they fund non-wealth producers (unionized bureaucrats).
Governments should fund only the common elements needed (defense, roads, communications, etc) but should not be in the business of supporting half the population. No economy can sustain this.
Notice that Canada’s taxes are low and that is why Canada is viewed as a key investment site and exemplary economy.
“High tax rates defeat their own purpose.”
~ Keynes ~
Presumably the French government knows that draconian tax rates are — one way or the other — rarely paid. So why implement this? It’s likely not to generate more revenue, but to be seen as being on the side of “the people”. That these tax rates will likely do far more harm than good is ignored for the sake of Hollande’s street cred.
The left inherently needs perpetual ‘victims’ in order to justify taking wealth from others to level things out and assuming the power needed to do so.
If everyone was to become a self-sufficient, well – what use would there be for socialists?
That’s why every solution proposed by the left never quite seems to get it right, and produces even more injustice.
road to hell paved with good intentions – not quite as the left elite really don’t have good intentions. More apt is the freeway to hell paved with blood of their victims.
Note the Canadian rate presented is only the top federal rate. You will need to add the applicable top marginal provincial tax rate to arrive at the combined rate(i.e. Sask top rate is 15%. 29% + 15% = 44% marginal rate).
If the average lefty on the street thinks that the socialist elite ruling class is going to subject themselves to same standard as the unwashed masses, they are beyond delusional. Their income will somehow be exempted. Funny how that works.
Sask. sounds like a bargain at 44%. Ontario is now a tiny fraction less than 50%.
Will 75% be enough? Perhaps President Hollande should have listened to those in his cabinet that advocated for a higher tax rate?
Where do we want to go? … (crowd screams..) HIGHER!
Where do we want to go? … (crowd screams louder..) HIGHER!!
It is really no different in Canada..If you are a self made millionaire people think you have come by this in some not too legal way. In some cases that might be right but in most businesses this view does not seem to be correct.
Historically attempted solutions to debt situation on a large scale:
1. raid and rob other people
2. confiscate from own people
Up to date any other option is not known.
Hollande is apparently the Islamic voting block’s gift to France. They supported him by 93% putting him over the top. The South of England though beautiful, is nothing like the South of France but it will do in a pinch when you need to live where you get to keep most of your own money. Besides, when civil war breaks out in the French cities it will be much safer watching it all on the BBC.
THIS… is a prime example of a dumbfounded reaction when the appeaser realizes that the croc is sizing him up for dinner.
http://www.newsmax.com/Newsfront/will-smith-france-tax/2012/08/08/id/448010
I doubt this will change Smith’s vote in November(because he’s black); but, there’s no doubt that the beginnings of an epiphany have taken root.
Will 75% be enough? Perhaps President Hollande should have listened to those in his cabinet that advocated for a higher tax rate?
Where do we want to go? … (crowd screams..) HIGHER!
Where do we want to go? … (crowd screams louder..) HIGHER!!
In the 1970s, some well-healed Swedes were faced with paying tax rates of over 100 percent. Yes, that was over 100 percent. This was a result of tax legislation which required self-employed individuals to pay not only regular income tax but also some sort of surcharge as well.
I do believe the group ABBA ran afoul of similar tax regulations.
JJM at August 9, 2012 12:40 PM
“In the 1970s, some well-healed Swedes were faced with paying tax rates of over 100 percent. Yes, that was over 100 percent. This was a result of tax legislation which required self-employed individuals to pay not only regular income tax but also some sort of surcharge as well.
I do believe the group ABBA ran afoul of similar tax regulations.”
That explains why ABBA broke up….why bother…
That also explains why the former members of ABBA live in such places as Switzerland….
Balzac said it:
“The secret of great fortunes without apparent cause is a crime forgotten, for it was properly done. ”
Often bastardized as:
“Behind every great fortune lies a crime.”
Doesn’t seem some attitudes have changed in the ensuing years…
Agreed Ken, the Left is very patient, and always has the ‘end game’ in mind.
Scott said: “You will need to add the applicable top marginal provincial tax rate to arrive at the combined rate…”
Numbers from the various tax watchdog outfits come to roughly 50% when you add up all the federal, provincial and local taxes, fees, levies and etc. that come right off the top. If you add on the tax portion of everything you buy, which all gets passed on from producers and providers you may be sure, it goes up north of 65%.
Canada ain’t a low-tax country. At 75% federal, France is going to find itself embroiled in yet another revolution Real Soon I think. There won’t be any food!
Leftists like Obama already know the wealthy pay proportionally more tax than anyone else. In their false narrative world, they must pay even more, because that is “fair” and “patriotic.” The accompanying article mentions the “2%” who don’t pay “enough” taxes. What happened to the 1% number the Occupiers loved to banter about?
As statist policies continue to fail in delivering either tax revenues or prosperity, the percentage of Americans who don’t pay “enough” tax will continue to increase. Soon it will be the 5% who don’t pay enough; as socialism continues to fail, it will become 10%, and so on. The process has already started.
Remember the old British story, where a door knocker promises a resident, vote for Labour and we will make the “rich” pay more tax. The voter believed this, voted for Labour only to find out he was now the “rich.”
It matters not that the premise of the wealthy not paying their fair share is a fallacy. It is simply one of the false narratives employed by the hard left, which has taken over the Democrat party. Other examples include:
– you didn’t build that
– if you disagree with Obama you are a racist
– Romney is a bad man who denies dying people health care
– we would have be even worse off without the recovery plan
– and many others, mark my words.
The Democrats are attempting to develop an overall narrative that only their beliefs and policies are mainstream, and therefore any other view is extreme, and of course, racist. If that were actually true, then neither Reagan nor the Bushes would have ever been elected, but that doesn’t matter – long live the meme.
Remember when Paul Martin, in the 06 election tried that, as ET and others have previously mentioned? Remember when he equated LPC values to Canadian values? Mr Harper countered this by stating it was clear that few Canadians embraced only Liberal values and set out a 5-point plan that disproved Martin’s idea. (again thanks to ET for mentioning this). I hope that Americans don’t fall for this leftist scam.
That is what Romney must do to win the election. PMSH was smart enough to see this; Is Mr. Romney?
“There won’t be any food!”
“No cheese, no surrender monkeys”
Last night on the Bill O’Reilly show Dennis Miller said of the French: “Well, they did give us the Statue of Liberty, but I think they were going to throw it out anyway.”
I wonder how many Billion, Millionaires will be living in Quebec when this is implemented. Immigration will be busy.
Revnant Dream
“I wonder how many Billion, Millionaires will be living in Quebec when this is implemented.”
Quebec’s tax rate is pretty brutal too.
The last time the Dippers were in power in BC they brought in a ‘capital tax’ of 1%. I am sure they will repeat this again if given the opportunity. To be fair this time I suggest they look at pensions being received and calculate the fair market value of the pension principal and declare that as ‘taxable’. I suspect retired teachers and government workers will be howling.
My company will be gone if this does in fact happen. I am only 200Km to the AB border.