Tuesday, February 28, 2012

AFP — Leading French candidate vows 75 percent tax on super rich

The Socialist tipped to become France’s next president took aim at the wealthy Tuesday with plans to slap a 75 percent tax rate on top earners.
Francois Hollande said it was simply a case of “patriotism to accept to pay extra tax to get the country back on its feet again” and reverse the policies of President Nicolas Sarkozy that he said favoured the rich.
“It is sending out a signal, a message of social cohesion,” he said during a tour of France’s annual agricultural fair in Paris.
Taxing the rich has become a hot issue in an election campaign marked by worry over the economic crisis and rising unemployment, which now stands at nearly three million.
Hollande, who opinion polls consistently put ahead of Sarkozy in the race to win the presidential elections in April and May, unveiled the 75 percent tax rate plan late Monday on a television show.
“I have seen the considerable progression of the pay of the CAC 40 (benchmark French stock market index) bosses. Two million euros (a year) on average. How can we accept that?” he asked.Hollande said he would slap the tax rate on all French people who earned more than a million euros ($1.3 million) a year. He had earlier said he wanted to impose a rate of 45 percent on incomes above 150,000 euros a year.
Read it at Raw Story
Leading French candidate vows 75 percent tax on super rich
By Agence France-Presse


Leverage said...

if legal tricks are possible to evade and tax heavens exists there is virtually nothing to do about it.

The super-rich & big corporations will keep evading most of their taxes.

Justice, democracy and financial globalization probably can't coexist. Soon or later we will see that.

Anonymous said...

Ya, and the super rich will tell his dumbarse to go pound sand. They can do as they please with enough capital, as we see every time a state decides to raise income tax on citizens. The rich vote with their feet. Same as it ever was or shall be.

mike norman said...

How ironic would it be if the French actually did this and the eocnomy boomed? And I predict it would, especially if the tax "savings" of the government were redirected toward the bottom tier of income earners.

wilwon32 said...

Is Timmy simply attempting to promote B Obama's latest campaign strategy?

FEBRUARY 29, 2012
Geithner and the 'Privilege' of Being American


Tom Hickey said...

Under the rules of the EZ where government have to fund themselves through fiscal policy as do US states, this is exactly what the doctor ordered as the preferred way to stabilize the economy instead of cutting spending that will impoverish workers, result in debt-deflation and depression, and probably end in military coups to maintain order, as Steve Keen expects to happen under current fiscal austerity.