French taxes may rise to 75 percent
Hollande plans to raise taxes on income over one million euros to 75 percent.
In France, it's almost criminal to be rich. And to drive the point home, French President Francois Hollande is proposing to raise the taxes on the wealthy to a whopping 75 percent. Many wealthy French citizens are looking to relocate out of the country.
President Hollande wants to raise taxes on the wealthy to 75 percent.
France is working to reduce their national debt in accord with new Eurozone requirements, and to do so, the country needs to raise €33 billion in new revenues. Imposing a 75 percent tax on incomes above one million euros should help, but estimates suggest only about 7,000 people will be affected by the increase.
Meanwhile, others suspect this is a political smokescreen to help Hollande pass new cuts to social welfare programs, which will make most of the difference. By proclaiming "eat the rich" with a punishing new tax, Hollande will capture popular headlines while quietly looking for much more lucrative cuts to make in welfare programs.
However, this tactic has another cost. Many of France's millionaires are preparing to leave the country, should the tax increases take effect. They are looking at the United States, Switzerland, and Belgium as likely destinations. And as the country tries to recruit new talent to head various firms and industries, the potential of paying 75 percent taxes is enough to turn even the most selfless executive away.
Few people have a problem with paying their fair share of taxes. Most wealthy expect to pay a little more than most, and they generally have no objection to this either. However, there's a difference between paying one's fair share and being punished for success.
In France, as Hollande works to reduce the national deficit with a smokescreen of taxing the rich, he may be placing a bet that will cost France a lot of talent in the years to come. Losing that talent may not be worth the money he raises in the short term.
However, France's loss will be another nation's gain.
© 2012, Distributed by NEWS CONSORTIUM.
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General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
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Keywords: Hollande, France, taxes, euros, tax increase, welfare
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