Posted on 05/29/2014 7:07:44 AM PDT by SeekAndFind
Edited on 05/29/2014 7:10:24 AM PDT by Admin Moderator. [history]
French President Francois Hollande woke up to a nasty surprise yesterday - a 14 billion euro shortfall in his budget due to wildly inaccurate priojections of how much revenue would be generated by his massive tax increases.
Like politicians in Illinois, New York, and California who banked on big tax incresases on the "rich" to bankroll their spending, Hollande has discovered the law of diminishing returns; people will either seek to avoid the higher taxes or simply refuse to earn the higher income. In the case of France, several high profile citizens have left for greener - and lower tax - pastures.
(Excerpt) Read more at americanthinker.com ...
The Laffer Curve - It’s the Law.
Laffer Curve in effect!
And you don't see them fleeing to NYC, LA or Chicago!
...socialism fails when they run out of other peoples money.
Laff it up, France. Comes a time when socialism just makes its own hangin’ noose.
http://www.investopedia.com/terms/l/laffercurve.asp
“Eventually, if tax rates reached 100% (the far right of the curve), then all people would choose not to work because everything they earned would go to the government.”
I suspect Monaco is getting a bit more crowded these days.
More proof that Arthur Laffer was right.
Might rename that,to Socialist Bloodsucker Curve.
And you don’t see them fleeing to NYC, LA or Chicago!...
Or New Jersey!
He is a leftist. You really think he has any sense of embarrassment or shame?
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