French president Francois Hollande wants to set the top tax rate in France at 75%, for those who make over €1,000,000 a year.

As a result "Les Riches" Have Tax Indigestion and are looking to move outside France.

2
1
View Full Article
Mike Shedlock

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.

Most Recent Articles

Join the Debate
19 Comments So Far
Joseph1819 Wrote: Aug 09, 2012 10:39 PM
Republicans saved Clintons butt in the 1990s and saved Obama's butt by extending the tax cuts and passing Free Trade Deals that Democrats sat on for over 6 years. they only pass things that get them elected. Republicans should learn that the President gets credit for everything good they do and they get blamed for anything bad that happens. Dopes.
Flag as Offensive
Joseph1819 Wrote: Aug 09, 2012 10:36 PM
dopey Republicans need to see that the way to defeat Dems is to give them what they want (almost). When the Bush tax cuts were to expire in 2012 they should have let them expire. Let Obama explain how taxes went up for the bottom brackets 30% but only up 10% for the top bracket. Explain how they are hurting the poor but only helped the rich? Explain why Clinton tax rates arent creating 1990s prosperity? The Repubs. should have raised the top rate back to Pre-Reagan 70% and tanked the ecomony in time for the election.
Flag as Offensive
Anonymous11565 Wrote: Aug 09, 2012 3:16 PM
Amend the Constitution:
1.) Government spending shall not exceed collection. Only exception is declared war, where spending for the military is unlimited, and takes priority over other spending. Government principal debt is to be repaid at the rate of 3% per year, based on the debt amount when this is passed, the 3% figure is not to be recalculated as debt is paid off. No new debt may be incurred. Current debt may be rolled over, meeting the prior requirements (should 10% of the debt come due, only 7% may be rolled over). This is first spending priority each and every year until all debt is eliminated.
Flag as Offensive
Anonymous11565 Wrote: Aug 09, 2012 3:16 PM
2.) Any program which collects money from citizens is a tax. No other definition for collection is allowed. All tax shall be collected as a money transfer tax. The payer shall be responsible for the tax and the rate should be fixed at 6%. Collection is automatic when payment is made. Should there not be a sufficient amount to cover the payment and tax, the transfer is void. There are to be no exceptions, depreciation, write-offs not anything resembling these reductions in payment of the tax. Any corporation doing business with the United States of America or its citizens shall pay the tax on all moneys it comes in contact with during the course of its business anywhere. No exceptions. All other federal taxes and fees are abolished....
Flag as Offensive
Anonymous11565 Wrote: Aug 09, 2012 3:17 PM
Common sense sucks doesn't it.
Flag as Offensive
Sean245 Wrote: Aug 09, 2012 11:44 AM
How does a government, any government, have the nerve to take more than %5 of anyone’s income? Tax rates should be based on what the lowest earners can afford, not what the highest can. Look at the numbers for France, half its workers make less than 19,000 Euros a year so, in essence, they purchased their own poverty with social programs. The real shame is I have to watch the same thing occur here in the US like a train wreck in slow motion. The voting booth has become like one of those toy steering wheels where you just pretend to be in control.
Flag as Offensive
Blair31 Wrote: Aug 09, 2012 3:28 PM
Because it can.
Flag as Offensive
Sean245 Wrote: Aug 09, 2012 11:44 AM
How does a government, any government, have the nerve to take more than %5 of anyone’s income? Tax rates should be based on what the lowest earners can afford, not what the highest can. Look at the numbers for France, half its workers make less than 19,000 Euros a year so, in essence, they purchased their own poverty with social programs. The real shame is I have to watch the same thing occur here in the US like a train wreck in slow motion. The voting booth has become like one of those toy steering wheels where you just pretend to be in control.
Flag as Offensive
SteveandJag Wrote: Aug 09, 2012 11:34 AM
Tick, tick, tick, the end of the EU is near.

Social unrest, violence and world chaos. Well, at least there will be a few places that sanity reins.

US, Australia, Israel, UK, Germany, Sweden, a few more. But expect some idiot to try global domination. Hope he doesn't have nukes.
Flag as Offensive
RayTheAnarchoCapitalist Wrote: Aug 09, 2012 2:41 PM
There's still sanity in the US?
Flag as Offensive
Ned6 Wrote: Aug 09, 2012 10:22 AM
The loss of a few wealthy people is not as serious as the loss of jobs related to the companies and service requirements that move with them. When the CEO/Owner of a company decides to move, many of the top officers move also. Non-critical employees will lose their jobs, adding to the government's unemployment costs. Many of the organization's service providers will lose revenue and be forced to downsize. Many of those who provide personal services to the owner and top executives will also be harmed.
The wealthy that stay will adapt. Someone who was netting $500,000 from a $1,000,000 salary will demand a raise up to $2,000,000 to maintain his $500,000 net. Either several non-essential workers must be fired or prices must go up.
Flag as Offensive
DavidM Wrote: Aug 09, 2012 9:49 AM
Atlas is Shrugging France.

Good job on electing the left wing nutjob. Of course being an American I suppose I cannot be too harsh....
Flag as Offensive
anonymous Wrote: Aug 09, 2012 9:29 AM
This is where Obama is taking America, just as fast as he can........
Flag as Offensive
Anonymous11565 Wrote: Aug 09, 2012 3:18 PM
As he planned all along.
Flag as Offensive
Ed52 Wrote: Aug 09, 2012 8:49 AM
Image is worth more than logic. If the highest earners move out the net effect will be a huge loss. You need 20 people making 2 million to overcome the loss of one making 21 million. Those who have choice as to how much they'll earn - artists, actors, directors, etc.; if they stay, will hit a million and take the rest of the year off like Reagan did when the US top rate was 70%. People will always strive to minimize/avoid taxes.
Flag as Offensive
willis9 Wrote: Aug 09, 2012 7:58 AM
For socialists raising taxes is always the answer, the question does not matter.
Flag as Offensive
RobertMN Wrote: Aug 09, 2012 7:37 AM
Mitterrand tried this -- and failed utterly. But here's France -- once again -- betting (hoping!) socialism works. It sounds so great, doesn't it? Everybody equal, everything guaranteed (by Big Government instead of the individual). No worries, just pure bliss. Yay! Hey, who turned off the electricity?
Flag as Offensive
Greg1084 Wrote: Aug 09, 2012 7:01 AM
Hollande is either a good student of history, or a totally ignorant one. This phenomenon took place during the French Revolution and it was devastating to the French economy, but it helped solidify the hold of the radicals on the reins of power for a while. Ultimately paranoia set in and they began beheading one another until more moderate forces managed to stage a bit of a coup and behead the beheaders. At any rate, it was capital flight and suspicion of treason as a result of it that led to the terror. A thinking person would look at a move like this as the beginning of a genocidal movement. But maybe that's what Hollande wants. Cloward-Piven for France.
Flag as Offensive
Joe 145 Wrote: Aug 09, 2012 8:47 AM
Human nature does not change.
Flag as Offensive
New comments on this article - click to refresh