Sunday, December 30, 2012

Screw The Rich? Not So Fast!

Well, at least, not so much.  It's still socialist Europe, after all:
Embattled French President Francois Hollande suffered a fresh setback Saturday when France's highest court threw out a plan to tax the ultrawealthy at a 75 percent rate, saying it was unfair.

In a stinging rebuke to one of Socialist Hollande's flagship campaign promises, the constitutional council ruled Saturday that the way the highly contentious tax was designed was unconstitutional. It was intended to hit incomes over €1 million ($1.32 million).

The largely symbolic measure would have only hit a tiny number of taxpayers and brought in an estimated €100 million to €300 million - an insignificant amount in the context of France's roughtly (sic) €85 billion deficit.
With these kinds of people, including our president, it's not about bringing money into the treasury. It's about some warped view of "fairness".


maxutils said...

The tax rate is egregious, but it is NOT a 75% tax rate . . .it's a marginal rate at the top bracket.

maxutils said...

And the French supreme court just struck it down . . .