Here ya go - a recipe for disaster. The new budget calls for a 2-year 75% tax rate on incomes over a million euros. Doesn't say so in this article, but I think they are also going to raise the minimum wage there too. And expect to get less unemployment and more economic growth. Don't think so, but what's cool is we get to see somebody else do this crap and witness the results. I'll go on record right now and say this cannot end well for them. What's really interesting is the snippet below, they are also going to raise taxes on the middle income folks too. snippet: Among the other measures included are: a new income tax level at 45 percent for those making more than 150,000, an increase of capital gains taxes to bring them more in line with how salaries are taxed, and a cap on certain deductions for large companies on their income taxes. France unveils a budget heavy on taxes - Yahoo! News
Welcome to this preview of the Obama agenda if he gets re-elected. The only question is are there enough IDIOTS in this country who will re-elect Obama, and thus seal their fate?
During the period of our prolonged economic boom in the post-WWII years, the highest marginal tax rate was between 70-85%. Ours was the most stable and productive economy in the history of the world back then. How does modern-day, trickle-down Republican economic theory explain that?
Obama wants to raise taxes but not quite that much. Not right away, I wouldn't be surprised if he would love to see our marginal rate up to 75%, but he'd never say so as president. He'd boost it by 5% and then another 5% until he got there surrepticiously. The cool part of this is that we get to see the consequences of raising taxes in a down economy without having to deal with the results. We'll be talking about this example for decades to come I think. As far as the election goes, I don't think an Obama victory means the end of the world as we know it, but it could mean 4 more years of the same shit we've had since he took office. Chances are another recession before 2016 will hit too, which maybe spurs the public and both parties to beocme more business friendly.
Actually the marginal tax rates were over 90% a lot of the time then. Your answer is that from the end of the war until the 1960s we were the only game in town, there really wasn't anyplace else to go to invest and make money. The mood of the country was different, comparing then to now is almost apples and oranges.
It's true that ours was just about the only country not physically wrecked by WWII, which gave us a huge advantage at the outset, but by the time marginal rates began to fall in the 1960's, both western Europe and Japan were economic powerhouses too. In fact, our boom went on, in spite of high tax rates (or, maybe because of them) until the oil crisis of the mid-70's. Even today, our biggest competitor, China, has tax rates similar to ours (or higher) and though their economy is retrenching right now, it's still quite hot compared to ours. http://www.worldwide-tax.com/china/china_tax.asp\ If taxes are the only the issue, why is that?
Actually it was 91% in the years 1950-1963 and that was only on incomes OVER $400,000. A US Dollar wasn't a devalued Federal Reserve Note back then so it went a lot farther. http://www.ntu.org/tax-basics/history-of-federal-individual-1.html The "Trickle Down" Economics that you LibTards like to make fun of went like this: Reagan: "I want tax cuts and spending cuts!" Congress: "Ok, we'll give you the tax cuts now, and we promise to cut spending later." Reagan: "Deal!" Well they didn't cut spending later. What a shock huh?
Staggering! This is going to get worse for France. I suspect many will take their businesses and pleasures to London or else where. I guess this is what the President's 'shared sacrifice' will eventually look like.
