France, the next guinea pig.

[Smiling Assassin27]

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?

[Requiem]

France built their cities off rock and roll, the last men standin' avoidin' the NARCS patrol.

[Garcia Bronco]

In a way, it seems like the French have surrendered to the Germans again.

[pricejj]

We all know how raising taxes has worked across Europe the last couple years. Welcome to prolonged economic contraction, France.

[Rohirrim]

Meanwhile, the uber-rich hide $32 trillion in offshore accounts. The world has to come together, every country combined, and end this travesty. We now have a global economy. You are not allowed to hide your assets to the detriment of everybody else. Declare who you are and pay your taxes, greedy aholes.

[Bacchus]

During the Eisenhower administration the U.S. income tax was 90% for the very rich, and the whole country was prospering. That's when the U.S. used to biuld things like the Interstate highway system.

[El Minion]

We all know how the last guinea pig worked out on tax cuts and their continuation:

[The Lone Bolt]

Originally Posted by Bacchus

During the Eisenhower administration the U.S. income tax was 90% for the very rich, and the whole country was prospering. That's when the U.S. used to biuld things like the Interstate highway system.

^This.

Raising the taxes on the wealthy -- even to a very high rate -- will not cause economic problems. This is a historically proven fact.

[mhgaffney]

Originally Posted by pricejj

We all know how raising taxes has worked across Europe the last couple years. Welcome to prolonged economic contraction, France.

The contraction has nothing to do with taxing the rich. It has to do with 30 years of failed neo liberal economics.

It just does not work. In fact, it's been a disaster for every nation that's embraced it, even here in the belly of the beast.

[pricejj]

Originally Posted by mhgaffney

The contraction has nothing to do with taxing the rich. It has to do with 30 years of failed neo liberal economics.

It just does not work. In fact, it's been a disaster for every nation that's embraced it, even here in the belly of the beast.

You are right. Raising the "taxes" on the rich, only allows the government to justify the egregious taxes collected against the middle class. The France median income tax rate is over 50%, and is the 3rd highest in the world.

This bit of news, is just more failing policy in a long line of failed policy. For them it's always "rich" vs. "poor", as they widen the divide between the have's and the have nots by printing money. Their wealth redistribution policies depress economic activity, and cannot be paid for.

Maybe one day the average citizen will wake up and realize what's happening.

[nyuk nyuk]

The French elected socialists. When you have a bunch of pinkos dancing on the streets after an election, you'd better hide.

[nyuk nyuk]

Originally Posted by mhgaffney

The contraction has nothing to do with taxing the rich. It has to do with 30 years of failed neo liberal economics.

It just does not work. In fact, it's been a disaster for every nation that's embraced it, even here in the belly of the beast.

How do you - and why would you - combine "social justice" with economics? Dare I say Marxists have tried this and it's been nothing but a disaster.

[nyuk nyuk]

Originally Posted by The Lone Bolt

^This.

Raising the taxes on the wealthy -- even to a very high rate -- will not cause economic problems. This is a historically proven fact.

Where does this come from?

[nyuk nyuk]

Originally Posted by Garcia Bronco

In a way, it seems like the French have surrendered to the Germans again.

If there's one thing the Frogs like to do is bend over, it seems.

[lonestar]

Originally Posted by Smiling Assassin27

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.



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?

Narrow the deficit by a whooping 1.5%.

Cut spending to match that and you might have something worthwhile.

Morons. The rich will just not take salary as money but in stock options and companies like airbuss will move more operations to off shore factories.

The socialist just do not get it.

[mhgaffney]

Originally Posted by nyuk nyuk

How do you - and why would you - combine "social justice" with economics? Dare I say Marxists have tried this and it's been nothing but a disaster.

David Ricardo and Adam Smith were not Marxists! Indeed -- they lived long before the time of Marx. The classical economics they described is a far cry from neoliberalism. Were they alive today -- both would be speaking out against trickle down globalism.

Why? Because it doesn't work.