From France, that is:
The Socialist favourite in France’s presidential election, Francois Hollande, has said top earners should pay 75% of their income in tax.
“Above 1m euros [£847,000; $1.3m], the tax rate should be 75% because it’s not possible to have that level of income,” he said.
Speaking on prime time TV, he promised that if elected, he would undo tax breaks enacted by Nicolas Sarkozy.
[…] Mr Hollande himself renewed his call on Tuesday, saying the 75% rate on people earning more than one million euros a year was “a patriotic act”.
“It’s a signal that has been sent, a message of social cohesion, there is an effort to be made,” he explained.
Granted, a million euros is a pretty high threshold. Then again, 75% is a pretty hefty tax-rate at any level of income. Whacking the super-rich is plainly emotionally satisfying; that doesn’t necessarily mean it is super-wise policy.“It is patriotic to agree to pay a supplementary tax to get the country back on its feet.”
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