The French Back Down

When new French Socialist President Francois Holland raised marginal tax rates on the rich to 75%, the response was utterly predictable. Rich people decided to abandon France including national icon Gerard Depardieu (you can read Depardieu’s wonderful letter here).

Well, the French may have gotten the message:

France’s constitutional council has struck down a top income tax rate of 75% introduced by Socialist President Francois Hollande.

Raising taxes for those earning more than 1m euros (£817,400) has been a flagship policy for Mr Hollande.

The policy angered France’s business community and prompted some wealthy citizens to say they would emigrate.

Mr Hollande’s government said it would rework the tax, due to take effect in 2013, to meet the council’s complaints.

Welcome to the 21st century, comrades. Capital and wealth is mobile, infamy is instant and social rebellions can take place in days. I’m sure Hollande really thought he was going to get this done without any problems. And twenty years ago, he might have. But not today. Today, he had to back down almost immediately.

In fairness, the council is harping on what they see as a legal flaw, not the outright stupidity of it. But it just shows you what a poorly thought-out money grab this was. And, as time goes on, I’m sure more flaws will be found so that the French government can back away from this dreadful policy.

Comments are closed.

  1. Seattle Outcast

    I’m sure our resident far-left trolls will be glad to relocate to France to live such a paradise and help them out with their slight problems of not having enough of other-peoples’ money…

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  2. CM

    LOL, wow, deja vu (you do have an uncanny ability to get everything wrong don’t you?!). Finding it hard without me around SO? It’s summer here and holidays for another week, so you’ll have to keep yourself otherwise occupied for a while longer.
    (And nope, sorry, that down-vote wasn’t from me. Not really my style. You’ll need to look elsewhere)

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  3. Seattle Outcast

    “not your style”…?

    But you don’t have any,….oh, wait, that’s “class”……

    So, what other Daily Kos copy/paste troll would it be? Of course, if your objection actually carried any weight, you wouldn’t have popped in to notice it….

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  4. CM

    if your objection actually carried any weight, you wouldn’t have popped in to notice it….

    So if my ‘objection’ did carry weight, I would have ‘popped in’ to notice? WTF?
    Are you drunk?

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