Tuesday, May 21, 2013
What Happens WhenYou Put A Socialist In Charge
You get an attempt to confiscate as much wealth as possible by the government. Fortunately for the French, the Constitutional Council has decided that a 66.66% marginal tax rate or higher on income over 1.2 million Euros, around 1.5 million Dollars, is confiscatory. I am sure that this will comfort the wealthy in France and bring the likes of Gerard Depardieu back from Belgium. Having their attempts at fleecing the evil nasty rich rebuffed, Hollande's government is turning their sights onto corporations. I can't what the downside of trying to implement a marginal tax rate above 75% would be for corporations. Whatever does happen I am sure, as the Captain always says, that it will be a feature, not a bug, of Socialism.