France boosting taxes before Calif. vote

July 6, 2012

By John Seiler

France voted to put in office a socialist who promised to jack up taxes on “the rich” — and he’s doing it. He follows Nicholas Sarkozy, a Bush/Schwarzenegger type “conservative” who destroyed the country’s economy with spending and debt. France is under the Euro, so it couldn’t directly control the money supply. But it has suffered from the Euro being inflated like the Greenspan-Bernanke funny-money dollar.

According to the FT:

“Roger, a senior expatriate executive working for an international company in Paris, is thinking seriously of taking a walk down David Cameron’s ‘red carpet’.

“The UK prime minister last month riled France’s new Socialist government when he declared he would lay on a five-star welcome for anyone moving to London to avoid the tax re­gime promised by President François Hollande – including his election pledge of a 75 per cent marginal rate on incomes above €1m a year….

“It is not just expatriates who are concerned. Henri de Castries, head of Axa, the insurer, is one of France’s most respected business leaders. ‘I’ve listened to Mr Hollande. He wants to see more growth and lower unemployment. He wants to see business prospering. We want to see that, too,’ he says. ‘The question is how to achieve these goals? There is no example, in modern economic history, of a country that has succeeded in reducing its deficits by bringing taxes to a confiscatory level. On the contrary, it leads to a decline in activity, and an increase in the deficits’.”

Doesn’t that sound just like what’s happening in Taxifornia? We have a socialist governor, Jerry Brown, who wants to jack up taxes on “the rich” to fund extra spending — what he disingenuously calls “deficit reduction.”

If Brown gets his way, taxes will go up, the rich — and many in the middle class — will flee, taking businesses, investments and jobs with them. The state will be even in worse shape.

Watch what happens in France the next few months. It’ll happen here, too, if taxes are raised.

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