The punitive 75% French tax on millionaires came crashing down today as the high court ruled that it is unconstitutional because of its flagrant unfairness. Finally, some semblance of sanity. Of course it's unfair.
According to Bloomberg:, Dominique Barbet, who is a senior economist at BNP Paribas SA, said:
Truly negligible. That's the bottom line. In all strident leftist rhetoric in the US about how "fair" it would be to place a punitive tax on the "mega wealthy"--mind you, those making $250,000 and above--there is no economic justification made for the tax. Occasionally a passing reference is made to the deficit, but not with a straight face. It won't make any difference. In fact, it will make it worse as revenue for that tax bracket will, over time, decrease as fewer Americans find it worth their while to achieve that income level. It is punishment for success, and all part of Barack Obama's unceasing attempt to launch all out, very unAmerican, class warfare for political gain. At least the French (well, their courts) are waking up. Can't say as much for us.