23 1 min 10 yrs

Wonder if you picked up on the latest madness of French President Francois Hollande? As you will be aware, he is the new poster boy of the European Left and here’s why!

Holiday home and Investment properties sold for profit of £100,000 will be taxed at £15,500. From July 1, they will all be liable for a 15.5 per cent tax on income from renting their property, and 15.5 per cent on any profits made from selling it.

These taxes will be spent…. on hiring 150,000 more public servants. Oh, and funding a lower retirement age.

Meanwhile Fench national debt is £1.4trillion – around £50,000 per household.

The UK media are flagging up Hollande’s tax and spend regime as the new way forward for the EU. It seems this is what socialists call “growth”.

Now WHAT can go wrong with that?

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  1. Socialist logic runs thus:

    “By creating jobs in the public sector, we provide more public services and job opportunities thereby reducing the numbers unemployed and increasing the number of taxpayers”.

    Nothing wrong with that logic..
    is there?

  2. Msr Hollande if a big state is so great they why don’t we ALL work for the state. The state owns everything, we just work for it. Full employment job done.

    Then the EU can be as economically successful as say…North Korea.

    An absurd man with an absurd plan. Time to get out of the EU sharpish!

  3. Dogis,
    I mentioned before that the earth’s mineral resources are not only shrinking, they are irreplaceable.
    I do wonder whether those clever people who predict and plan our economic futures (I am NOT endorsing Allan’s theories mind you!) realise that in fact not only is Capitalism’s time coming to an end, there is no way the global economy can continue to meet the expectations of the world’s populations.
    Perhaps the loss of confidence in the banking system and the stagnation in western economies points towards a socialistic model taking over, and increasing powers for the State. Perhaps we will see an increase in totalitarianism as the only way to control societies facing loss of employment, lowered living standards and scarcer supplies of food and water??

    I realise of course that I am RAMBLING, but even ramblers have some rights… 😉

  4. What were the taxes before?

    What should this be compared with?

    Son’t most countries tax rental income and capital gains on sale of real estate?

  5. Phantom

    It’s not that they tax such income and capital gains, it is the scale of increase, in a recession, with a depressed property market! It’s mad stuff. That said, I was looking at property prices on the Riviera and I would be very happy if they plunged so come on Hollande – tax MORE, please, I’m begging you…

  6. It’s worse than that. The other day Zerohedge also reported:


    The French economy is already a squeak away from catastrophe, now Hollande appears to want to tax every wealth creator in the country. They’ll move their capital away or reduce production instead.

    It’s exactly the wrong thing to do. Taxes should be reduced and laws and regulations thrown on a bonfire. I sincerely hope that those who hurt the most are those who voted for Hollande. They voted for the socialist looting and fascist regulation of their compatriots. They’re getting it now and the price will be severe.

  7. What is described is hypertaxation.

    Which, if enacted, will harm their economy terribly in the short and long term.

    A 75% tax on large incomes will completely disincentivize any and all hard charging entrepreneurs there. If you’re successful, the taxman gets 75% of the already-taxed income? No.

    This is a fine opportunity for other countries to attract the best and brightest of the French managers, engineers, and entrepreneurs.

  8. David,

    If only a two hour flight would take you far enough away from Europe and ‘liberalised’ Europeans, I might agree with you. As it is, the farther away from Europe the better.

  9. I’m no expert, but

    I hear that south Florida prices have bottomed out. Some of the good properties continue to be purchased by Europeans and South Americans.

    There are a number of nice locations in Florida, in the Gulf and Atlantic coasts, and each has its own economic climate.

  10. David,

    Depends where you fancy living. There is everything from beachside to rural, from metro to small town. East coast or west coast, – our preference is the west a.k.a. Gulf coast.

    Anything from the Panhandle to the Keys, – as yet relatively unspoiled, and yet it has its quiet sophistication, with a resident opera and ballet company and thriving theatre centres in Naples, Sarasota and Tampa.

    Recently property prices seem to have reached a ‘bottom’, with many prices at decade lows. Still a lot of bank repo sales even lower.

    There is very much a feel of the last recession, as in the ’80’s, – not actually depressing, but rather subdued. Everyone has suffered to a degree, and the cost of living is rather on the high side – for Florida, that is, – but then, what price can be put on waking up to another day in paradise?

  11. I spent some time in Pensacola. ” Lower Alabama “, southern culturally ( which south Florida is not! ) and with some of the nicest white duned beaches on the face of the earth.

  12. // but then, what price can be put on waking up to another day in paradise?//

    Ernest, do you live close to Eddie there?

    Welcome back to a true paradise – ATW.

  13. Noel,

    Thank you!

    I wouldn’t know where Eddie lived, so I can’t really say.

    The ‘must-have’ ingredients for any ‘Paradise’, is a blue sky and sunshine, and we don’t get too much of that in the UK do we?

  14. So little has changed in French national finances in over 200 years:


    Napoleon remarked in 1806: ” By what miracle did whole provinces of France become
    heavily mortgaged to the Jews, when there are only sixty thousand of them in the
    country? “.4

    4. Letter of Nov. 29, 1806, to Champagny, quoted in article ” MSS of Napoleon “,
    Synhedrian Allgemeine Zeitung des Jud. (Leipzig 1811), p. 33.

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