Tuesday, February 28, 2012

The Return of Confiscatory Taxes

Every economic crisis feeds populism. And one of the most immoral and violent populist electoral tools is the imposition of confiscatory taxes. Socialist presidential candidate François Hollande thinks that receiving a majority of valid votes gives him the right to decide how to spend 75% other people's fortunes:
SOCIALIST presidential candidate François Hollande says he would introduce a top tax band of 75% for incomes of more than e1 million a year. ...

Hollande added: "How can we accept that? It's not possible to have this level of remuneration" he favoured a "simple rule: income from capital should be taxed like the income from work".

The 75% tax rate would be the top band, with an additional slice of 45% on incomes above e150,000 a year.

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