An ‘Impossible’ France?: Experiment Could Deliver Blow to One of Capitalism's Biggest Myths

[marmar]

from truthdig:


An ‘Impossible’ France?

Posted on Oct 2, 2012
By Alexander Reed Kelly


A bold experiment is under way in the world’s fifth-largest economy: As part of a recovery plan aimed at plugging a $48 billion hole in the French budget, leftist President Francois Hollande announced last week a 75 percent tax on the personal incomes of anyone earning more than $1.3 million a year, effective for two years beginning in 2013.

The decision has some of the country’s top earners, led in the media by cosmetics tycoon Jean-Paul Agon, suggesting that the new rules will make France inhospitable to commerce, and implying that the impending blow to their bank accounts may compel executives to take their moneymaking activities elsewhere.

“If there is such a new tax rule,” the L’Oreal CEO said in an interview before the figure was confirmed Friday, “it’s going to be very, very difficult to attract talent to work in France, almost impossible.”

Agon’s warning reflects an attitude among the rich that is older than capitalism itself. If you tax us too much, the thinking goes, then the cost of providing the goods and services society requires will become too high. We won’t be able to pay the wages our workers deserve, and our talents for enterprise will find more favorable conditions elsewhere. ...................(more)

The complete piece is at: http://www.truthdig.com/report/item/an_impossible_france_20121002/

[xchrom]

1. du rec. Nt

[on point]

2. Time for a tax treaty among the OECD - Let's all use 75% so no where to go.

Stop the race to the bottom the wealthy use to blackmail us all.

Fight back with an OECD treaty that sets a standard rate among all the countries so there is no competitive advantage and take away their argument that they will 'just leave'.

Oh yeah, include a stinging tariff on imports of goods and services from countries that don't play ball to take away that tactic too.

[leveymg]

3. "There you go again" thinking outside of the box. Don't you know, "There is no alternative"? ;-)

[FredStembottom]

4. Exactly. We can stop being held hostage whenever we want.

That's step 1. Getting millions of Stockholm Syndrome suffering citizens to stop honoring the propaganda.
Our system of government allows us to STOP the parisitic 1%. It's actually what we are supposed to use it for!

[bemildred]

5. The French economy is going to take off like a new Ford.

If these weasels want to get nationalized, all they have to do is attempt to carry out those "threats".