France 75 percent tax on rich proposed by President Francois Hollande, Businesses that pay salaries over 1 million euros, French actor Gerard Depardieu left France
“A tax increase to a company results in some combination of the following:
Product and service price increases.
Employee and hours cutbacks.
Reduced hiring.”…Citizen Wells
“Nearly every empirical study of taxes and economic growth published in a peer reviewed journal finds that tax increases harm economic growth,”…William McBride, Tax Foundation
“…and Socialist governments traditionally do make a financial mess. They [socialists] always run out of other people’s money. It’s quite a characteristic of them.”…Margaret Thatcher
From CNN Money March 29, 2013.
“France’s Hollande wants 75% payroll tax on rich”
“French President Francois Hollande made changes to his failed proposal for a 75% top tax rate on Thursday, shifting the burden of payment from individuals to businesses that pay salaries over 1 million euros.
Hollande, during last year’s presidential campaign, proposed a 75% tax rate on individual income above 1 million euros. The controversial tax was rejected by France’s judiciary.
Hollande made his new payroll tax proposal on big salaries during a late-night television broadcast. “The Constitutional Council made a decision,” Hollande said. “I respect it. So, I’m going to take a different path.”
Hollande said the measure is needed to ensure transparency at large corporations — the only businesses that can afford to pay employees so generously.
His initial proposal, which never became law, inspired French actor Gerard Depardieu to abandon the country, instead adopting Russian citizenship and moving to Belgium.”