This is how is goes when Socialism is in the driver's seat. From Newsmax today:
"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.read the rest
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.
“We face an extremely difficult financial and economic situation,” Finance Minister Pierre Moscovici said at a press conference today in Paris. “The wealthiest households, the big companies, will be asked to contribute. In 2012 and 2013, the effort will be particularly large.”
France Raises Taxes on Wealthy, Companies to Narrow Budget Gap
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