In a stunning reversal to the Obama Administration and the Progressive movement, the Supreme Court today declared the "Tax the Top 2%" legislation to be unconstitutional! A flagship measure of the Obama Campaign and the Occupy Wall Street thugs was described as "unfair in the way it would be applied to different households"!
A news story that one would certainly expect from a democratic republican government where every citizen is treated equally -- RIGHT!
Sorry, not so, only a JOKE, this was the lead article on today's [I had posted on Dec 29] Drudge report. It is a news article from of all places --- Socialist France.
France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.
The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households.
While the tax plan was largely symbolic and would only have affected a few thousand people, it has infuriated high earners in France, prompting some such as actor Gerard Depardieu to flee abroad. The message it sent also shocked entrepreneurs and foreign investors, who accuse Hollande of being anti-business.
Finance Minister Pierre Moscovici said the rejection of the 75 percent tax and other minor measures could cut up to 500 million euros in forecast tax revenues but would not hurt efforts to slash the public deficit to below a European Union ceiling of 3 percent of economic output next year.
So much like President Obama's "hate tax the rich" plan, this Tax would be only a tiny effect on the French deficit. The possible 500 million euro "top tax" is a tiny fraction of the $39 billion he is proposing:
President François Hollande, a Socialist who was elected this year on a pro-growth platform, presented a budget on Friday that would produce the biggest cut in the public deficit in 30 years while raising the top rate for the wealthiest taxpayers to 75 percent from the current 41 percent. ...
Mr. Hollande’s budget finds the extra $39 billion by raising French taxes still further, upsetting businessmen and the middle class. About $13 billion will come from new taxes on corporations and an additional $10 billion from new income taxes, including a new higher rate of 45 percent on incomes over $193,000 and a controversial, largely symbolic and supposedly temporary wealth tax of 75 percent on earnings of over $1.3 million. Those higher taxes, too, have been criticized by business leaders as a large disincentive for talented people to work in France, criticisms echoed by the opposition center-right parties.
In fact the true impact on the deficit will probably be not only much less than anticipated, but has proved the old phrase "if you want something to go away, TAX it". Several French millionaires, like Gerard Depardieux, have started leaving the country and applying for citizenship elsewhere. Their money will no longer be in France to tax. Thus perhaps having a significantly negative impact on tax revenues, rather than positive.
France's luxury property market has hit a selling 'panic' as millionaires rush to flee the socialist government's looming tax hikes, a leading estate agent has revealed.More than 400 Paris homes worth more than €1million have been put on the market since President Francois Hollande came to power in May - more than double the same period last year. Many of France's super-rich want to escape to 'wealth-friendly' countries like Britain, Switzerland and Luxembourg.
Time after time the progressive policies are shown not to work. The big problem is ... we all have to suffer through their repeated attempts to try it again.