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Leftism Unfettered – France to Impose 75% taxation on all income above 1 million euros
NY Slimes -
The call to Vincent Grandil’s Paris law firm began like many others that have rolled in recently. On the line was the well-paid chief executive of one of France’s most profitable companies, and he was feeling nervous.
President François Hollande is vowing to impose a 75 percent tax on the portion of anyone’s income above a million euros ($1.24 million) a year. “Should I be preparing to leave the country?” the executive asked Mr. Grandil.
The lawyer’s counsel: Wait and see. For now, at least.
“We’re getting a lot of calls from high earners who are asking whether they should get out of France,” said Mr. Grandil, a partner at Altexis, which specializes in tax matters for corporations and the wealthy. “Even young, dynamic people pulling in 200,000 euros are wondering whether to remain in a country where making money is not considered a good thing.”
A chill is wafting over France’s business class as Mr. Hollande, the country’s first Socialist president since François Mitterrand in the 1980s, presses a manifesto of patriotism to “pay extra tax to get the country back on its feet again.” The 75 percent tax proposal, which Parliament plans to take up in September, is ostensibly aimed at bolstering French finances as Europe’s long-running debt crisis intensifies.
But because there are relatively few people in France whose income would incur such a tax — an estimated 7,000 to 30,000 in a country of 65 million — the gains might contribute but a small fraction of the 33 billion euros in new revenue the government wants to raise next year to help balance the budget.
This from a person with an IQ above room temperature:
“It’s a huge loss for France because people and businesses come to Belgium and bring their wealth with them,” Mr. Dekerchove said. “But we’re thrilled because they create jobs, they buy houses and spend money — and it’s our economy that profits.”
IT IS CLASS WARFARE. SIMPLE.
WHEN THE REVOLUTION HAPPENS THEY WANT THE PEOPLE TO CUT OFF THE HEADS OF THE PEOPLE WHO DID NOT CAUSE THIS CRISIS.
Debbie
August 8th, 2012
Oh great. Now Johnny Depp might come back here.
ruble
August 8th, 2012
Coming to a country near you. Don’t know about ya’ll but I’m making exit plans.
Dr. Tar
August 8th, 2012
Damn those rich people and their ability to move to other EU nations!
Robespierre must be spinning his guillotined head all the way around (Exorcist style) in his grave that in today’s France the rich can escape the mob.
dba...vagabond trader
August 8th, 2012
Ubamas old man advocated 100% taxation. Dreams from my father.
Friend of the family
August 8th, 2012
Well, that settles it. Screw France and the USA; I’m moving to Belgium.
Unneutral
August 8th, 2012
So the real winners are the countries that understand basic economics.
JLLJ
August 8th, 2012
Impose the same rate here and see how fast the Hollywood scum flee the country.
Cruisin' Cat
August 8th, 2012
If I have enough money to live comfortably for the rest of my life and don’t need to earn more, why not go Galt? Why earn more to have it confiscated by government leg-breakers?
Might as well retire to a secluded corner and tell the rest of the world to f#(k off.
Roscoe P. Soultrane
August 8th, 2012
@ruble: “Don’t know about ya’ll but I’m making exit plans.”
The IRS will follow you. Extricating yourself from American tax liability, even if you expatriate, is really difficult.
Stranded in Sonoma
August 8th, 2012
The miniscule-minded French have done this before. I recommend reading Laetitia’s Lament. It’s from the June 2001 issue of American Spectator. It chronicles how with cutting taxes and spending, Ireland picked themselves up out of the socialist hellhole they were in and became an economic powerhouse. It’s worth a read.
Granted that lately they have made some mistakes but that’s because they’ve since elected socialists and hitched their wagon to the euro-bailout policy. And everyone was affected by the Obama-led, U.S. economic disaster.
Tony R
August 8th, 2012
The good news: French MILLIONARES moving to the US.
The bad news: FRENCH millionares moving to the US.
chico escuala
August 8th, 2012
In five years the French will remember these times..
as the good old days when rates were low for everyone.
Chuck U Farley
August 8th, 2012
“… there are relatively few people in France whose income would incur such a tax — an estimated 7,000 to 30,000 in a country of 65 million.”
If you take the average and say approximately 17,500 millionaires in a country of 65 million, that is less than two-tenths of one percent of the population.
In the US there are over 3.1 millionaires in a population of 360 million. http://blogs.wsj.com/wealth/2011/06/22/u-s-has-record-number-of-millionaires/
That is close to one percent of the population.
Is there any better proof that European Socialism does not work as well as US Capitalism?
I’d say there is a greater disparity between the 0.02 percenters in France and the rest of the population, than the 1 percenters in the United States and the rest of our population.
Chuck U Farley
August 8th, 2012
ruble’s post gave me a thought.
(yeah, yeah…I get a synapse fire off once in a while)
Anybody else going plans? Bug out? Hunker down? Run for the Hills?
What are you gonna do when we collapse? Better think about it now ’cause it is almost a sure thing.
MaryfromMarin
August 9th, 2012
@FOF–
Belgium? The epicenter of the EU? You’re kidding, right?
Bob M.
August 9th, 2012
Soooo… the United States, now BLEEDING homegrown millionaires, will soon INHERIT a bunch of French millionaires?
Shouldn’t THAT be the actual headline?
RANDO
August 9th, 2012
Oh yeah. They’re living the dream.
After the Revolution, it will be nothing but street bazaars and goat rodeos for France.
karen stevens
August 9th, 2012
“Well, that settles it. Screw France and the USA; I’m moving to Belgium.”
careful which belgium country you go to. the french speaking side or the dutch speaking side