Friday, September 28, 2012
This is what you signed up for, Frenchmen. The French government under new socialist President Francois Holland has approved a 75 percent tax rate for the richest in the country and guess what? It doesn’t even begin to solve economic problems.
The budget, approved by France’s cabinet on Friday, said that the creation of a new 75 percent tax on millionaires and higher marginal tax rates on high earners would raise some 530 million euros next year.
The new budget also hikes taxes on businesses and investments. Back in May when Hollande was elected, French entrepreneurs and the wealthy began fleeing the country, knowing their wealth would be redistributed in a huge way.