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Welcome to Socialism: 75 Percent Tax For Rich Passed in France

wetheliving Wrote: Sep 28, 2012 9:09 AM

Ha, I guess your point is that they were like 90% or something? But no one paid that, there were all kinds of exceptions. I would love to know what the actual effective tax rate was for millionaires at that time, I am sure it wasn't 75%. But go on, cheer on our pals in France. I am happy they are doing this. Go ahead and kill the goose that lays the golden egg and have it for dinner. Let's see how it works out. Sometimes you need really bold moves like this to make it clear to everybody how socialism works. @raul you can bet your money on France that they are going to reach a new golden age with this tax. I will put my money on the idea that France is going to lose a lot of millionaires that produce wealth (and tax dollars btw).

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Welcome to Socialism: 75 Percent Tax For Rich Passed in France

This is what you signed up for, Frenchmen. The French government under new socialist President Francois Hollande 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,...