WOW: Hollande, Likely To Be Next French President, Proposes 75% Tax Rate On Top Earners

Feb 28, 2012 | Posted by: roboblogger | Full story: Silicon Alley Insider

Francois Hollande, the French presidential candidate for the Socialist Party, appears to have set out his tax plans in a prime time interview on French TV, the BBC reports : "Above 1m euros [847,000; $1.3m], the tax rate should be 75% because it's not possible to have that level of income." Those are strong words - Hollande has already spooked some ... (more)

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1 - 20 of 45 Comments Last updated May 10, 2012
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Worry

Hillsboro, OR

#1 Feb 28, 2012
I think Sarko just got a gift.
ronan

UK

#2 Feb 28, 2012
Not so sure. The French like a good socialist demagogue who promises them more holidays, a shorter working week, more welfare and bashes the "rich".

I anticipate a large capital exodus between the 2 rounds if Hollande is slightly ahead; the middle-class don't like to be fleeced and socialist governments are notorious for punishing the entrepreneurs and the successful businessmen in France.
the examiner

Montréal, Canada

#3 Feb 28, 2012
The French won't leave their country because of the socialists. They are used to having the baguette for breakfast and French wine for lunch and dinner. Where else can they have those stuff. Even when Mitterrand came to power in 81, nothing much happened, life was as usual for most folk. Rich French people need to be taxed heavily because unlike the Anglo Saxons, they don't have the habit of giving money to the poor. That is why they have to ask people to pay to visit the Louvre museum. You can put a dozen boxes in front of the entrance, not many people will put any money in it because they are stingy.
ronan

UK

#4 Feb 28, 2012
the examiner wrote:
The French won't leave their country because of the socialists. They are used to having the baguette for breakfast and French wine for lunch and dinner. Where else can they have those stuff. Even when Mitterrand came to power in 81, nothing much happened, life was as usual for most folk. Rich French people need to be taxed heavily because unlike the Anglo Saxons, they don't have the habit of giving money to the poor. That is why they have to ask people to pay to visit the Louvre museum. You can put a dozen boxes in front of the entrance, not many people will put any money in it because they are stingy.
You couldn't be more wrong!
It's in fact under Mitterand that many rich French took domicile abroad to escape the pinitive rate of taxes he dished out, and some companies tranafered their headquarters abroad too!

Mitterand put its nationalisation threat to action and the French state took did over some large industries, as well as the banques and insurance companies.

There was a flurry of bank activity between the 2 rounds of elections and that could well be reproduced this time. The fact is that wealthy French put their money abroad, instead of investing in France. That starve the country of money to invest, which in turn helps the state to become a lender through various scheme.

No, the French aren't philantropic like the Anglo-Saxons. Why? They already pay too much taxes!
Alexandre

Keratsíni, Greece

#5 Feb 28, 2012
ronan wrote:
Not so sure. The French like a good socialist demagogue who promises them more holidays, a shorter working week, more welfare and bashes the "rich".
I anticipate a large capital exodus between the 2 rounds if Hollande is slightly ahead; the middle-class don't like to be fleeced and socialist governments are notorious for punishing the entrepreneurs and the successful businessmen in France.
He wont get elected Ronan. French people are sick an tired of the socialist and of the arab

Sarkozy is a socialist too. Thats why Hollande is so strong in the polls.

~A~
la fouine

Mataram, Indonesia

#6 Feb 29, 2012
Alexandre wrote:
<quoted text>
He wont get elected Ronan. French people are sick an tired of the socialist and of the arab
Sarkozy is a socialist too. Thats why Hollande is so strong in the polls.
~A~
Can you guarantee it? The best you can get for right-wing is Sarkozy.. Le Pen seems unlikely to win the election.. although she might be the answer to all your prayers..
Alexandre

Keratsíni, Greece

#7 Feb 29, 2012
la fouine wrote:
<quoted text>
Can you guarantee it? The best you can get for right-wing is Sarkozy.. Le Pen seems unlikely to win the election.. although she might be the answer to all your prayers..
I can guarantee it, la fouine

~A~
ronan

UK

#8 Feb 29, 2012
Alexandre wrote:
<quoted text>
He wont get elected Ronan. French people are sick an tired of the socialist and of the arab
Sarkozy is a socialist too. Thats why Hollande is so strong in the polls.
~A~
Hollande is ahead of the polls by a good margin.

The French just want a change, even if it's not very promising.

Sarko or Holland, it doesn't matter: none of them has a clue about the economy.

Le Pen may not even be allowed to run if she can't gather 500 signatures.

The great tragedy in France is that their best politician, De Villepin, has been sidelined in the UMP and stand no chance at the ballot box. He is the only one who has any management qualities.
ronan

UK

#9 Feb 29, 2012
la fouine wrote:
<quoted text>
Can you guarantee it? The best you can get for right-wing is Sarkozy.. Le Pen seems unlikely to win the election.. although she might be the answer to all your prayers..
I am not sure Le Pen will be allowed to run if she cannot collect the 500 mayoral signatures to support her application.

In any case, she will be a marginal candidate at best.

The French have more preoccupations that racism and immigration to worry about: their economy is in tatters.
the examiner

Montréal, Canada

#10 Feb 29, 2012
ronan wrote:
<quoted text>
Hollande is ahead of the polls by a good margin.
The French just want a change, even if it's not very promising.
Sarko or Holland, it doesn't matter: none of them has a clue about the economy.
Le Pen may not even be allowed to run if she can't gather 500 signatures.
The great tragedy in France is that their best politician, De Villepin, has been sidelined in the UMP and stand no chance at the ballot box. He is the only one who has any management qualities.
De Villepin is also having trouble getting the 500 signatures. Only 2 more weeks to go before the March 16th deadline.
ronan

UK

#11 Mar 1, 2012
the examiner wrote:
<quoted text>
De Villepin is also having trouble getting the 500 signatures. Only 2 more weeks to go before the March 16th deadline.
Says a lot about "democracy" on France, doesn't it?

Same as in Russia where opponents cannot register.
the examiner

Montréal, Canada

#12 Mar 1, 2012
ronan wrote:
<quoted text>
Says a lot about "democracy" on France, doesn't it?
Same as in Russia where opponents cannot register.

In Russia, presidential candidates who are not proposed by major parties are required to collect a minimum of 2 million signatures. This is almost impossible for any Russian.

De villepin is a well known figure and should not have any trouble collecting just 500 signatures from mayors. Le Pen's story is different because elected people don't want their names to be known to the public that they endorsed Le Pen even though they are fervent supporters of Le Pen and her program.
ronan

UK

#13 Mar 1, 2012
the examiner wrote:
<quoted text>
In Russia, presidential candidates who are not proposed by major parties are required to collect a minimum of 2 million signatures. This is almost impossible for any Russian.
De villepin is a well known figure and should not have any trouble collecting just 500 signatures from mayors. Le Pen's story is different because elected people don't want their names to be known to the public that they endorsed Le Pen even though they are fervent supporters of Le Pen and her program.
In both countries, the threshold is too high.

In France, even De Villepin will have problem to gather 500 mayoral signatures. Among his potential electorate, Sarkozy has issued order that no UMP maire is to support his application by signing his list, under threat of deselection in future.

That's the state of 'democracy' in France.
Tigerrlily

Vauréal, France

#14 Mar 2, 2012
Worry wrote:
I think Sarko just got a gift.
This was meant to embarrass Sarko, and it did.

The French tax system is a progressive one meaning you should read not a global 75% rate but 75% on the fraction if revenue above this sum. The measure is anecdotical at best -it would translate as a small incease for 2-4 thousand people.

Sarko had repeatedly been accused of overburdening the poor to favour the rich-some of his measures were a disaster for him in opinion polls - he can't protest too loud over this one, lest he vindicates his opponent

I would favour a lower tax regime if only these taxes were paid in full. The main problem here is that a generous system of tax exemptions, to which Sarko contributed- makes that a middle class family with a good income will pay over 30% of their revenue while the richest fraction of the population hardly pays 10-15%, when their global tax rate should be near 40%
Tigerrlily

Vauréal, France

#15 Mar 2, 2012
the examiner wrote:
<quoted text>
In Russia, presidential candidates who are not proposed by major parties are required to collect a minimum of 2 million signatures. This is almost impossible for any Russian.
De villepin is a well known figure and should not have any trouble collecting just 500 signatures from mayors. Le Pen's story is different because elected people don't want their names to be known to the public that they endorsed Le Pen even though they are fervent supporters of Le Pen and her program.
The le Pen family has made a psychodrama of this at every election for the past 30 years.... Father and daughter are fervent adepts of the complot theory too.. And managed to run each time. This false suspense is supposed to serve their interests
ronan

UK

#16 Mar 3, 2012
Tigerrlily wrote:
<quoted text>
The le Pen family has made a psychodrama of this at every election for the past 30 years.... Father and daughter are fervent adepts of the complot theory too.. And managed to run each time. This false suspense is supposed to serve their interests
Wrong !!

Le Pen then failed to obtain the 500 signatures from "grand electors" (grands électeurs, mayors, etc.) necessary to present himself in the 1981 presidential election, won by the candidate of the Socialist Party (PS), François Mitterrand.
the examiner

Montréal, Canada

#17 Mar 3, 2012
ronan wrote:
<quoted text>
Wrong !!
Le Pen then failed to obtain the 500 signatures from "grand electors" (grands électeurs, mayors, etc.) necessary to present himself in the 1981 presidential election, won by the candidate of the Socialist Party (PS), François Mitterrand.
2012 minus 1981 that is 31 years. You are almost right Ronan. Tigerlilly said "for the past 30 years..".
ronan

UK

#18 Mar 3, 2012
the examiner wrote:
<quoted text>
2012 minus 1981 that is 31 years. You are almost right Ronan. Tigerlilly said "for the past 30 years..".
There are many precedents in France of politicians with some threatening opinion rate who were prevented from being presidential candidates, where total unknown mysteriously were allowed to collect the 500 signatures to keep appearances. Le pen has constantly met difficulties, although he often had 16% of the opinion polls behind him.

Far more than the Ecologists or the Extreme left that were never prevented to run.

This year, Sarkozy is also trying to block the candidacy of his rival De Vilepin with the same methods.

Not very 'democratic' in my book.
Command and Control

Rutherford, NJ

#19 Mar 3, 2012
Either way, if you can't account for the $$$$$ then it is STOLEN!
Tigerrlily

Vauréal, France

#20 Mar 3, 2012
ronan wrote:
<quoted text>
There are many precedents in France of politicians with some threatening opinion rate who were prevented from being presidential candidates, where total unknown mysteriously were allowed to collect the 500 signatures to keep appearances. Le pen has constantly met difficulties, although he often had 16% of the opinion polls behind him.
Far more than the Ecologists or the Extreme left that were never prevented to run.
This year, Sarkozy is also trying to block the candidacy of his rival De Vilepin with the same methods.
Not very 'democratic' in my book.
The 16% are a heavily corrected estimation... most people voting for Front National won't boast about it. Some mayors fear that giving open support to this particular party would alienate them mainstream voters and cost them the next election. Other small parties are far less controversial. Ecologist and far left alike can count on socialists, who will recuperate their voters in the end.
Not sure de Villepin was ever a serious contender here. Juppé was but he was neutralised when he accepted a place in goverment.
Elected personnel have to be accountable for their decisions while in office. The system could be different of course, but there is no need for a complot theory here

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