French Tax Hell

During his election campaign, French president François Hollande openly described his dislike of the rich and promised to impose a temporary tax of 75 percent on those with annual incomes above $1.3 million. He hoped that voters would take these positions as a sign of the warmth of his heart. Hatred of the rich, however, is not quite the same as love of the poor; besides, such emotions are not necessarily the soundest basis for economic policy. In any event, the French Constitutional Council recently struck down Hollande’s proposal, though more on a technicality than as a matter of principle.

Read more: http://city-journal.org/2013/eon0115td.html