Once again, the French have decided that full-on socialism is the way to go. Bless their collective heart.
France's socialist government announced a big one-off increase in wealth taxes on Wednesday, by far the biggest single element in a €7.2bn package of new levies aimed at meeting this year's budget deficit target that also included surcharges on banks and energy companies.Yep - that is so not going to work. Why? History proves again and again that it doesn't work, as explained in a separate article.
An extra €2.3bn will be raised by an exceptional tax charge on all those with net wealth of more than €1.3m.
Henri de Castries, head of Axa, the insurer, is one of France's most respected business leaders. "I've listened to Mr Hollande. He wants to see more growth and lower employment. He wants to see business prospering. We want to see that, too," he says. "The question is how to achieve these goals? There is no example, in modern economic history, of a country that has succeeded in reducing its deficits by bringing taxes to a confiscatory level. On the contrary, it leads to a decline in activity, and an increase in the deficits."Emphasis mine.
The left hates history. It proves them wrong over and over again.
By the way, this new level of tax? 75%. No one would want to work when 3/4 of their earnings will be taken from them. That's just common sense. But the left ignores all comprehension of the elementary psychology that no one likes their stuff taken from them. Duh.
What happens when the rich don't work and earn what they earn? There are fewer jobs created, fewer donations given to non-profits, and a lesser economy all around.
One more time, let's let France lead the way and show us why socialism doesn't work. Ever.
ETC: Hmm... is the tax rate in America already 75%?