What is 75 percent of €0.00?
French president Francois Hollande wants to go back to the future on taxes.
When running for the job he eventually won, Hollande famously proposed a marginal tax rate of 75 percent on income above €1 million per year.
The usual outcry ensued. Progressives argued it was only fair while those on the right — and those who would be impacted — made noise about fleeing France. Despite cries the rich are bluffing on their threat to say ‘au revoir, Paris,’ it appears that may actually happen.
The New York Times details how tax lawyers are becoming inundated with calls from wealthy clients inquiring if they should leave France, and if so, how to do it.
Is it all a bluff to frighten Hollande into backing off? Likely not.
Proponents of higher income tax rates on the uber wealthy use history as a guide, noting that sky-high tax rates on the rich existed decades ago and there was no mass exodus.
History, usually a solid guide, is an untested pilot in this case for two reasons:Page 1 of 3 | Next Page