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France to Set Top Marginal Tax Rate at 75%, France Poised to Implode

Mack30 Wrote: Jul 05, 2012 12:13 PM
Good grief, you are aware that China's population is about 5 x that of the USA, right? They are not close to the largest economy in the world per capita. Plus, in case you haven't heard, commies lie. Much about the true Chinese economy is unknown or inaccurate. France, Germany and the UK have chronic 10%+ unemployment and disastrous demographics for the future. Did you see that France spends 54% of its GDP on public spending? Even at the USA's insane levels we are currently at 25%. Once France drives its wealthy away with confiscatory tax rates, they'll be circling the drain.

Many told me that French president Francois Hollande was making idle campaign pledges on tax hikes and worker rules, and the he would not follow through. Well he did, at least on taxes.

The Financial Times reports Wealthy hit hardest as France raises taxes

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.

The supplementary 2012 budget, required to ensure the government hits its deficit target...
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