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French Flee in Face of 75% Tax Rate
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
wealthwire.com / By Adam English / August 8, 2012
France’s President François Hollande is about to realize how bad of an idea it is to force the well-off to shoulder the burden of its bloated welfare state. Apparently, he wasn’t kidding when he said, “I don’t like the rich.”
The first socialist party president since the 1980′s is dedicated to implementing a 75% tax on all income over one million euros. Of course, this comes on top of the normal 41% tax on all income over roughly 70,000 euros.
Unfortunately for Hollande, he’ll have to whip up a new tax plan to fill the $40 billion hole in France’s budget over the next two years. Not only will the egregious tax fail to raise anywhere near enough revenue from the estimated 30,000 people that would be affected; there may not be any rich people left in France by the time it goes into effect.
Thanks to BrotherJohnF
2012-08-08 11:45:28
Source: http://silveristhenew.com/2012/08/08/french-flee-in-face-of-75-tax-rate/
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