From actor Gerard Depardieu, when he left his native France and took up Russian citizenship in 2013 after France hiked its top income tax rate to 75 percent:
“I am leaving because you consider that success, creation, talent — anything different — must be punished.”
The tax will expire on February 1. It generated almost no revenue, but did accelerate the flight of successful French people out of the country, and burnished France’s reputation as anti-business, anti-achievement, pro-tax, and pro-government. British Prime Minister David Cameron said he would “roll out the red carpet” for French executives fleeing the tax.
According to Gerard Ramond, a representative of France’s small and medium-sized businesses, 70,000 businesses went bankrupt last year. The French economy is projected to grow .3 percent for the entire 2015. Not to worry, French President Francois Hollande kicked off the New Year by saying:
“Everything must be made easier. It is necessary if we want to become more attractive, more modern, more flexible.”
Socialism is a religion, not a viable economic or political philosophy, as history has repeatedly demonstrated. On past precedent, Hollande may make a few rhetorical concessions to tax relief and markets, but will make no changes that would shrink the size or powers of his beloved French government, notwithstanding basement poll numbers.
