By Susan Duclos
Bloomberg:
President Francois Hollande’s 75 percent millionaire-tax is unconstitutional because it fails to guarantee taxpayer equality, France’s top court ruled today.
The tax, one of Hollande’s campaign promises, had become a focal point of discontent among entrepreneurs and other wealth creators, some of whom have quit French shores as a result. The ruling comes as the president seeks to cut France’s public deficit to 3 percent of gross domestic product next year from a projected 4.5 percent this year.
Reuters:
France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.
I use the Reuters link because of this little tidbit, showing the writer's socialistic tendencies:
While the tax plan was largely symbolic and would only have affected a few thousand people, it has infuriated high earners in France, prompting some such as actor Gerard Depardieu to flee abroad. The message it sent also shocked entrepreneurs and foreign investors, who accuse Hollande of being anti-business.
Somehow punishment for being successful if it is only aimed toward a few thousand people, is okay?
As conservatives have been insisting about Barack Obama's "millionaires tax" he continues to push for here in the US, in which Obama uses the exact same argument as Socialist President Francois Hollande uses, these are the job creators, the investors, those that pump money into the economy and for doing so, for already paying more than any other segment of the population, they are to be rewarded by Socialist Barack Obama by raising their tax rates even more!!!!
Socialist President Francois Hollande and Socialist President Barack Obama both seem to be of the opinion that the bank accounts of the successful, those that built their businesses, grew them and turned them into profit making companies, are their very own piggy banks.
Kudos to the French Court for this.
Vive La France!!!!!!!!!!!!!!!!
[Update] Politisite:
Favorite factual “Pull Quote” from the AP article – “… it would do little to stem the country’s mounting fiscal problems and would drive away the wealthiest citizens” – sounds familiar … don’t ya’ think?
Wow.... amazing that the AP, a publication that carries Obama's water on a regular basis, can write something like that about France without seeing the same applies to America.