Hollande is one of those European leaders who actually believes expanding the size of government — now eating up 56% of France's GDP — will somehow produce economic growth.
To pay for the hundreds of thousands of new bureaucrats he plans to hire, he's targeting dividends — money already taxed — for a three percentage-point tax hike next month. He also wants to hike the top rate to 75% on "rich" people making more than $1.2 million a year. Combine it with the 5% "wealth tax," and it brings France's top rate to 80%.
Enter the British prime minister. Speaking to businessmen at a Group of 20 summit event in Los Cabos, Mexico, David Cameron warned that Hollande's taxes would make France "completely uncompetitive." From the inevitable result, he'd "welcome more French businesses to Britain, and they can pay tax in Britain and pay for our health service and schools and everything else."
keyboard shortcuts: V vote up article J next comment K previous comment