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France's 'Rich' Say: Tax us more

R

RbSX

Diamond Member
http://www.bbc.co.uk/news/world-europe-14646975

France's rich have 'volunteered' to be taxed more, a letter signed by 16 of their top corporate executives including the heir to the L'Oreal cosmetics fortunes have said "TAX US MORE". Oh by the way, as a part of this proposal France has ACTUALLY come up with a coherent plan to cut it's public deficit by over 5% this year, and 4.6% NEXT year.

Wait, this isn't supposed to work, right? Taxing the rich kills jobs. Hm. This is the best part:

They said they had benefited from the French system and that: "When the public finances deficit and the prospects of a worsening state debt threaten the future of France and Europe and when the government is asking everybody for solidarity, it seems necessary for us to contribute."
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Here's the rest of the article:

France's richest say: Tax us more
Comments (98)
Liliane Bettencourt during a TV interview on 14 July 2010 Liliane Bettencourt is among those offering up some of her wealth
Continue reading the main story
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Some of France's wealthiest people have called on the government to tackle its deficit by raising taxes - on the rich.

Sixteen executives, including Europe's richest woman, the L'Oreal heiress Liliane Bettencourt, offered in an open letter to pay a "special contribution" in a spirit of "solidarity".

Later the government is due to announce tighter fiscal measures as it seeks to reassure markets and curb the deficit.

They are expected to include a special tax on the super-rich.

Before the announcement, expected on Wednesday evening, a letter appeared on the website of the French magazine Le Nouvel Observateur.

It was signed by some of France's most high-profile chief executives, including Christophe de Margerie of oil firm Total, Frederic Oudea of bank Societe Generale, and Air France's Jean-Cyril Spinetta.

They said: "We, the presidents and leaders of industry, businessmen and women, bankers and wealthy citizens would like the richest people to have to pay a 'special contribution'."

They said they had benefited from the French system and that: "When the public finances deficit and the prospects of a worsening state debt threaten the future of France and Europe and when the government is asking everybody for solidarity, it seems necessary for us to contribute."

They warned, however, that the contribution should not be so severe that it would provoke an exodus of the rich or increased tax avoidance.

The move follows a call by US billionaire investor Warren Buffett for higher taxes on the American ultra-rich.
Rating fears

The French government has already said it is working on a special tax on those earning more than 1m euros (£900,000) a year.

The measures are expected to be part of a new package aimed at cutting up to 14bn euros from the budget deficit over the next two years.

It is not clear exactly what form they will take, but they are expected to include a reduction in tax breaks and increased taxes on big companies.

The government has been forced to act after recent fears that France's AAA credit rating could be downgraded.

France plans to trim its public deficit to 5.7 % this year, 4.6 % next year and 3% in 2013.
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Boggles the mind how such a bureaucratic country like France can make the tough decisions when Amerikah can't.
 
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A handful of super-wealthy Americans have said something similar. When you have billions of dollars, money loses much of its meaning.

I'm pretty sure that a poll of the top 1% in any country would show little support for such measures though.
 
This just in.

America's rich will pay for airfare to send America's poor to France. Happiness for all!
 
Difference between tax and soak.

Also, the country has come up with a way to control it's budget.

Notice that Obama never issued any directive to the agencies too cut until after the fiasco.

That directive could have been issued 2 years ago and sliced 10% off our bill by now.
Saved the political football that caused the downgrade and also through the stock markets into turmoil.
 
EagleKeeper said:
Difference between tax and soak.

Also, the country has come up with a way to control it's budget.

Notice that Obama never issued any directive to the agencies too cut until after the fiasco.

That directive could have been issued 2 years ago and sliced 10% off our bill by now.
Saved the political football that caused the downgrade and also through the stock markets into turmoil.
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Because the height of a recession is not the time to cut federal spending. Indeed, it's all the cuts on the state and local level that are dragging the jobs recovery right now. Every month we have positive private sector job growth, offset by public sector job loss. When you have a jobs problem and a deficit problem, you take care of the jobs problem first, not least because getting people employed increases the revenue base.
 
woolfe9999 said:
Because the height of a recession is not the time to cut federal spending. Indeed, it's all the cuts on the state and local level that are dragging the jobs recovery right now. Every month we have positive private sector job growth, offset by public sector job loss. When you have a jobs problem and a deficit problem, you take care of the jobs problem first, not least because getting people employed increases the revenue base.
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keynesians-fail.png




Will the next bubble please stand up!
 
momeNt said:
keynesians-fail.png




Will the next bubble please stand up!
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I don't understand this picture. Is this supposed to imply that Paul Krugmen was advocating a housing bubble, and because of that he 'fails'? Because that quote is taken out of context and actually means the opposite. So I take it to mean that you support creating market bubbles that end in periodic recessions?
 
Malfeas said:
I don't understand this picture. Is this supposed to imply that Paul Krugmen was advocating a housing bubble, and because of that he 'fails'? Because that quote is taken out of context and actually means the opposite. So I take it to mean that you support creating market bubbles that end in periodic recessions?
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He did not mean the opposite of what he said, you understood the opposite of what he meant. And no I don't support creating market bubbles.
 
momeNt said:
He did not mean the opposite of what he said, you understood the opposite of what he meant. And no I don't support creating market bubbles.
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The problem is the opinion piece was written for intelligent people. But just so we are clear, you think he was advocating a housing bubble even after reading that entire article?
 
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