France’s two-week-old Socialist government unveiled 7.2 billion euros ($9 billion) of tax increases to meet deficit-reduction goals and avoid bond-market punishment.
The 2012 measures, approved at a Cabinet meeting today, presage even larger tax increases and spending cuts next year in an economy that’s barely expanding.
The largest new levy will be a one-time surcharge on wealthy individuals’ assets to raise 2.3 billion euros. Another 898 million euros will be reaped by ending a payroll-tax holiday. Other steps include surcharges for oil and financial companies, each raising an additional 550 million euros, and a levy on dividends and stock options.
Among the measures that will be in the 2013 budget will be a 75-percent tax rate for income of more than 1 million euros.
Originally posted by nuclear12346
Because its not like corporate welfare hasn't raped this world for trillions.
How dare they ask for a small % back.
If France has positive growth after these policies are implemented, it will be a big wake-up call to how much people are lying about the so called "job creators" worth.
However, if it falls apart at the seams then yes they should dismantle such policies as rapidly as they can.edit on 4-7-2012 by nuclear12346 because: (no reason given)
CEO pay spiked 725 percent between 1978 and 2011, while worker pay rose just 5.7 percent, according to a study by the Economic Policy Institute released on Wednesday.