You will have read that French President Francois Hollande’s plan to impose a draconian 75% tax rate on “the wealthy” was deemed “unconstitutional” and struck down by senior French judges. But amusingly, Hollande is not prepared to accept this and has come out with the following;
For his first New Year’s Eve address since taking office in May, Mr Hollande defended his record and performance during what he described as a period of exceptional economic hardship, as criticism over his leadership has ballooned following a high court ruling which found the government’s controversial flagship 75 per cent tax for the wealthy to be unconstitutional. Referring to his pledge to tax annual income of more than one million euros (£818,500), Mr Hollande said the policy was based on a notion of “fiscal justice,” adding that, “those who have the most, will always be asked for more.” He added that the tax will be reworked, following the Constitutional Council’s decision, “but without renouncing its objective.”
Concentrate on that phrase “those who have the most will always be asked for more”. This is the essence of socialism. It seems to take away from the financially successful and redistribute to client groups. Hollande thinks it fair that the French State allows “the wealthy” to keep 25% of what they earn. I am sure many leftists will agree with him. The reality, of course, is that those being victimised by the bully State make their own determinations with many moving to London.
Meanwhile, French unemployment sits at a 15 year high.