Every day brings more and more evidence that Obamanomics is failing in Europe. I wrote some “Observations on the European Farce” last week, but the news this morning is even more surreal.
Let’s start with France, where I endorsed the explicit socialist over theimplicit socialist precisely because of a morbid desire to see a nation commit faster economic suicide. Well, Monsieur Hollande isn’t disappointing me. Let’s look at some of his new initiatives, asreported by Tax-News.com.
The French Minister responsible for Parliamentary Relations Alain Vidalies has recently conceded that EUR10bn (USD12.7bn) is needed to balance the country’s budget this year, to be achieved notably by means of implementing a number of emergency tax measures. …The government plans to abolish the exemption from social contributions applicable to overtime hours, expected to yield a gain for the state of around EUR3.2bn, and to subject overtime hours to taxation, predicted to realize approximately EUR1.4bn in additional revenues. Other proposed measures include plans to reform the country’s solidarity tax on wealth (ISF), to cap tax breaks at EUR10,000, to impose a 3% tax on dividends and to increase inheritance tax as well as the tax on donations. …French President Hollande announced plans during his election campaign to reform ISF. Holland intends to restore the wealth tax scale of between 0.55% and 1.8%, in place before the former government’s 2011 reform, to be applied on wealth in excess of EUR1.3m. Currently a 0.25% rate is imposed on net taxable wealth in excess of EUR1.3m and 0.5% on net taxable assets above EUR3m.
France already has the highest tax burden of any non-Scandinavian nation, so why not further squeeze the productive sector. That’s bound to boost jobs and competitiveness, right? And more revenue as well!
Read more at International Liberty. By Dan Mitchell.
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I find it incredible that the PIIGS of europe are squealing loudly and blaming all but themselves for their self inflicted plight, they will not give up the freebies they love to give themselves and turn toward self reliance. They still live in La La land and feel the world owes them a living, security and defense, like spoiled brats unable to take NO for a answer…..When their fat butts hit the floor, the sudden stop will certainly leave them with a bruised backside and their last squeal will become a shocked OOOOMPH!
Come now, you MUST be mistaken. Only Americans live in the lap of luxury. Only Americans like to sit on their big butts and have others support them. Haven't you been told that the American government is supposed to police the world?
Europe spoiled brats? Noooo say it isn't so…
My dad used to say “You wanna dance? You gotta pay the piper”. So it would seem that the Eurpeans are now “paying the piper”. They have danced royally for years, with 4 day work weeks, and all the perks in the world, and now the dues are expected. The really funny thing is that poor old Germany seems to be the only one that has any money! And they are expected to bail these other countries out. Well, if I were Germany, I’d tell them not gonna happen. Germans are known for their hard work and frugality, and this is to their credit, both monitarily, and otherwise, and the other nations should have taken notice, and taken a page from the German’s book, and learned to do the same………and save for the “rainy day” that has finally come to them all. To France, and the rest of them, too bad, so sad, “not your dad”, we ain’t bailing your sorry butts out. Start at the bottom like we had to, after our big screw up, and learn the way we did, is what Germany ought to tell them all. The reason I feel this way is because these nations have made fun of Americans and mocked us for our style of life, and for being the richest nation on earth at times, and has allowed us, nay, forced us into being the HELP of all nations, with donations and war and other such things, so now they do not get an ounce of sympathy for their own mishandling of their own affairs. Maybe they should have helped us some, and then we wouldn’t be so hard pressed ourselves. And this includes their support of this Disaster in Office that we now have. And support him, they did! Nope, not feeling the “love”.