Francois Hollande, the incoming Socialist President of France, announced today that he wanted to raise the top marginal tax rate to 75% from the current 50%. Taxes on folks making 150K euros or more, say $90K US, would go up to 45%. The investor class press is already squealing like the stuck pigs that they are:
Poor babies. The job creators are being persecuted! Call out the National Guard!
Oh, yeah, Hollande gives them their orders now. Ruh-ro! Move your money out of France quick! How patriotic. Even though the number of French folks actually doing so according to Bloomberg appears to be very small to me.
OTOH, the Trots over at the World Socialist Web Site don’t trust Hollande as far as my cat could throw him:
They say he will bail out the French and other banks at the behest of the Obama Administration and at the expense of the French working class. That he is basically the French Obama, a Trojan Horse of the Corporate Class.
I do not know what to believe. Maybe Hollande himself isn’t sure what the hell he is going to do. As one French leader, and for the life of me I can’t remember who, once said, “Every French leader lives under the shadow of the guillotine,” meaning all French politicians know in their guts that the French people are perfectly capable of lopping their heads’ off if they sufficiently piss them off.
Unlike our American politicians.
I don’t know what Hollande and his Socialists will do. One thing’s for sure. Both Bloomberg and the WSWS can’t both be right about him. I suppose we must wait for time to provide the answer.
Insight and information from the FDL community is most welcome.