I recently wrote a blog post, Give Me A Break. It was about the new tax law in France that was proposed by French President Hollande. The new tax rate was a whopping 75% on millionaires earning over one million euros.
At the time of the first article I thought this was utterly ridiculous, completely unfair, and would not solve the financial troubles of France.
Well guess what? I was right.
Now the French have struck it down as being unconstitutional and excessive. Finally somebody is listening to some reason. You just can’t continue to tax the crap out of a shrinking tax base and continue to recklessly spend. Find a way to create jobs and increase the tax base.
In recent weeks, Gerard Depardieu — France’s most famous actor — moved to Belgium to avoid his home country’s high taxes.
Didn’t I say that the rich would leave?
Most of this was purely political, but what they failed to realize is that many jobs are created by people categorized as rich.
Give me a break.