Tax the wealthy in France
Can you imagine the uproar? Well if Francois Hollande gets elected as the new president of France that 75% income tax for rich people will be his policy.
The tax would kick in for people making over €1,000,000.00 (Euros) or in the equivalent US money it would be $1,330,000.00 (USD).
This would not sit well with the wealthy in France and the result would be limited to €100 million to €300 million each year, a small percentage of the public debt which is over €1.7 trillion and may be more than €2 trillion.
Of course Hollande who is a socialist is currently challenging Sarkozy for his job as top man in France.
Sarkozy will never suggest anything similar because as he has proven that he has too many wealthy friends and although it wouldn’t be the only reason shaping his economic policy it would be an influence.
He also realizes that the French economists don’t support the plan as they feel it would be too radical.
Dominique de Villepin
Said that that France should not “kill the goose that lays the golden eggs.”
Vellepin is a candidate himself and like others feels that many wealthy people would move to Belgium or elsewhere to avoid the tax and France’s economy would be the loser.
Elections will tell
The answer to who will call the shots will be more evident after the April 22 first round elections but the runoff and the final one on May 6 will put an end to the debate one way or another.