ran 4.1 miles
Socialist leader of France, President Francois Hollande, swiped a parliamentary election power grab yesterday by earning 314 Socialist representatives of the 577-member National Assembly. With this majority Hollande will be in a position to execute exactly what he campaigned on. His intention is to halt numerous tax exemptions, pass tax hikes for large corporations (particularly banks and energy firms), and, finally, here is the zowie---impose a 75% tax rate on those earning over 1 million euros. These are the maneuvers Hollande claims will bring France's deficit to within the 3% European Union limit by next year.
Gross government debt in the twenty-seven nations belonging to the Euro in 2010 was 80% of GDP. American gross federal debt in 2010 was 94% of GDP. Separately, government debt is growing more slowly in the EU than in America because the majority of nations belonging to it are actually implementing austerity measures. The accumulated government deficit among the European Unions twenty-seven nations was 6.6% of GDP in 2010. America's federal deficit in 2010 was 9% of GDP.
America is worse off financially than the EU-27 and it seems our nation's leaders and our media are doing everything they can to not spell that out in the simple and understandable terms we deserve to hear.
A 75% tax rate. This is insanity. I predict a lot of France's wealth will be packing their bags and selling their homes very soon. We are worse off than Europe and doing less to fix our deficit. If Hollande can take three quarters of what highly successful, hardworking French citizens make than Obama, or future American presidents, can do the same thing in the very near future. There is your proof. It can happen and is happening right across the pond.
33.0 miles to go.
