France announces tax increases to collect ‚ā¨ 33,000 million
The Real Agenda
September 11th, 2012
Reader Views: 717
The President of France, Fran√ßois¬†Hollande, announced at last night¬†a new plan to increase government revenue by¬†33,000 million euros, the highest increase of the last decades. Most of the¬†money the government intends to collect will come from¬†taxes increases, which will render¬†between 15,000 and 20,000 million. Hollande¬†spoke¬†last week about his¬†plan to ‚Äúreduce the deficit to 3 percent by the end of 2013‚Ä≥.¬†During his talk, the leader described the plan announced last night as ‚Äúthe largest tax effort of the last thirty years.‚ÄĚ
Last night,¬†Hollande¬†explained that the so-called¬†adjustments to the French population. The French President explained last week¬†some of the main points of his plan, which does not provide¬†‚Äď according to him ‚ÄĒ for a general increase but a ‚Äúrational and consistent with the ability of each individual,‚ÄĚ¬†he said. ‚ÄúEverybody will contribute¬†according to their means,‚ÄĚ Hollande¬†added¬†without providing further details and argued that ‚Äúhaving future generations pay today‚Äôs deficit sounds like an¬†anomaly.‚ÄĚ¬†He also stressed that the¬†crisis does not justify¬†everything. Sounds reasonable, doesn‚Äôt it? The unreasonable part¬†is that the government¬†should not be financing its gargantuan budget or deficit¬†by stealing money from people who have worked hard to earn it.
Although Hollande¬†had announced a 75% increase in taxes on the wealthiest, some french media outlets have announced that¬†Hollande may backtrack on that initiative. It was almost predictable that the French president would make the poorest pay for government expenses and that his plan to tax the richest was just a smoke screen to gain confidence from the gullible population. The so-called¬†exceptional tax of 75% on large fortunes, would have soften the burden on the poorest¬†taxpayers, focusing mainly on large companies, as in the tax levy, which could be 67%.
According to Le Figaro, the proposal presented by Hollande¬†during the election campaign, which raised the possibility to impose a tax of 75% for taxpayers with incomes above one million euros, would be ‚Äúreduced to a minimum.‚ÄĚ This proposal has become particularly relevant after news that the richest man in France, Bernald¬†Arnault,¬†announced his intention to apply for dual Franco-Belgian nationality.
Arnault, who leads¬†companies such as Louis Vuitton, Givenchy and Mo√ęt¬†& Chandon, has a personal fortune of 41,000 million euros. Specifically, the Government has decided that the exceptional tax only includes the¬†gross income from work, leaving out capital gains and properties. Also, in the case of couples, the threshold would be raised to two million euros.
Once again, the French people have been duped by the supposed socialist leader whose socialist skills only work in favor of the wealthiest people in France.
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Contributed by Luis Miranda of The Real Agenda.
Luis R. Miranda is the Founder and Editor of The Real Agenda. His 16 years of experience in Journalism include television, radio, print and Internet news. Luis obtained his Journalism degree from Universidad Latina de Costa Rica, where he graduated in Mass Media Communication in 1998. He also holds a Bachelor’s Degree in Broadcasting from Montclair State University in New Jersey. Among his most distinguished interviews are: Costa Rican President Jose Maria Figueres and James Hansen from NASA Space Goddard Institute.
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