Farnce just jacked tax rates on the 'ultra rich' to as high as 75% to cure their debt woes. Pay attention to what happens in France in the next 3-9 years if this policy remains in place. It is temporary (but when is a tax EVER really temporary?), but the short term results will be easy to predict and most will just close their eyes and ignore them.
Socialist President Francois Hollande unveiled higher levies on business and a 75-percent tax for the super-rich on Friday in a 2013 budget aimed at showing France has the fiscal rigor to remain at the core of the euro zone.
The package aims to recoup 30 billion euros ($39 billion) for the public purse with a goal of narrowing the deficit to 3.0 percent of national output next year from 4.5 percent this year - France's toughest single belt-tightening in 30 years.
Watch the brain and income drain commence. I hope Belgium is ready for the influx of new residents coming from France in the upcoming years. Oh, and with them will go the projected revenue that went along with implementing this moronic policy in the first place. Whom will the faux-99% blame for their problems, then?