France Gives "Fairness Doctrine" Details; Will Tax Millionaires At 75%
With the Great June Socialist Revolution spilling over into July, here are some details as they become available from France:
- FRANCE TO HAVE NEW TAX RATE OF 45% FOR WEALTHY
- FRANCE TO TAX INCOME OF MORE THAN EU1 MLN AT 75%, AYRAULT SAYS
- FRANCE TO TAX CAPITAL INCOME AT SAME LEVEL AS WAGES
- FRANCE TO RAISE TAXES FOR LARGE COMPANIES, BANKS, OIL FIRMS
But... FRANCE TO ANNUL PLANNED VAT INCREASE PLANNED BY SARKOZY
After all, it's only fair. In other news, we are rotating our secular long thesis away from Belgian caterers and into tax offshoring advisors, now that nobody in the 1% will pay any taxes ever again.
The good news is that with the entire world set to adopt 100%+ taxes on "wealthy" individuals as defined arbitrarily by Ph.Ds, there will be no place to hide. Which incidentally is just the first step toward what we warned back in September 2011 will happen: a 30% tax on all financial assets. Everywhere.