Posted on 12/31/2014 11:03:37 AM PST by SeekAndFind
PARIS (AP) — It was supposed to force millionaires to pay tax rates of up to 75 percent: "Cuba without the sun," as described by a critic from the banking industry. Socialist President Francois Hollande's super tax was rejected by a court, rewritten and ultimately netted just a sliver of its projected proceeds. It ends on Wednesday and will not be renewed.
And that critic of the tax? He's now Hollande's economy minister, trying mightily to undo the damage to France's image in international business circles.
The tax of 75 percent on income earned above one million euros ($1.22 million) was promoted in 2012 by the newly-elected Hollande as a symbol of a fairer policy for the middle class, a financial contribution of the wealthiest at a time of economic crisis.
But the government was never able to fully implement the measure. It was overturned by France's highest court and rewritten as a 50 percent tax paid by employers.
Faced with a stalling economy and rising unemployment, the government reversed course in 2014 with a plan to cut payroll taxes by up to 40 billion euros ($49 billion) by 2017, hoping to boost hiring and attract more investments.
All the while, Prime Minister Manuel Valls kept repeating his new credo: "My government is pro-business".
(Excerpt) Read more at news.yahoo.com ...
lol...
So much for all of that “EAT THE RICH!” socialist rhetoric, eh?
Uh oh, Paul Krugman is going to get real mad at the French in his next op-ed.
OOPS...
Wrong pic, wrong thread.
Please delete the above post!
Thanx
It may not help, how can such an erratic gov’t be trusted, like we should know right!
How many employers are paying a million per year?
Still, a 50% rape of job makers is disgusting.
Valls takes the credit, but by calling it “my government”, redirects blame away from the demagogue Hollande and his fellow socialist trash.
I've never read an explanation for how this works in utopia.
I take it that France saw a decrease in revenues after the goofy move. Expected!
To all liberals, it’s a good start.
har har
At least Holland has the ability to flex, when his socialist ideas don’t work.
0, on the other hand, is incapable of that.
Considering how many French billionaires and millionaire were planning to leave the country 9or had done so) to take up residence overseas (e.g., UK, Belgium, etc.), perhaps the loony leftists were horrified by the huge drop in revenue? I don’t know, but their self-preservation might have overruled their rhetoric.
Good. I can only imagine that France is only held together by its own wizards of industry, who are the Atlas’s that hold the economy aloft. Lose them, lose it all.
We told you so, repeatedly. Morons.
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