This Just In:
French Socialists Upset That
France's Millionaires Aren't
Hanging Around To Get
Soaked By A 75% Tax Rate
Aw gee. Who could have foreseen this? Latest French rich bastard to head for the border? French actor Gerard Depardieu.
Mon Dieu, 75% you say?! Non! Non!
The great thing about Socialism is watching Socialists not learn anything from experience.
England just had over 10,000 people that were earning over 1,000,000 pounds a year go 'poof'! and disappear from the tax rolls. Seems that if you jack your tax rate up from 40% of their income to 50%, these greedy rich bastards WILL take steps to shelter their money and alter their economic activity to lower the amount of their earnings that are subject to taxation.
This led to the hilarious sight of socialist politicians in England ponying up for what they thought would be a cool new $2.5 billion pounds in fresh tax revenue that they had already mentally spent....and then realizing that what they were in fact looking at was a $6.5 billion pound DECREASE from what they had just collected from this income group the year before.
[You can read about the wonderful lesson the Brits just got on the Laffer Curve right HERE ]
So.......jack up your tax rate 10% from 40% to 50%....collect $6.5 billion pounds less. Awesome work there, guys. But hey, the French believe they can TOP that.
They jacked THEIR tax rate on the wealthy all the way up to a staggering 75% of their yearly income. And now the wealthy in France are reacting just as anybody with two brain cells to rub together knew they would.
Which doesn't include socialists, who once again express surprise and 'disappointment' at coming face to face with....reality.