France Provides a Preview of a Re-Elected Obama Tax Policies
September 15, 2012 at 6:45 pm in Blog by Phillip Dennis 10 Comments
One clear takeaway from the Democratic Convention: President Obama and the Democrats really want to raise taxes on high-income earners. And while Republicans have repeatedly refused to go along with the president’s proposed tax hikes, a solid Obama re-election victory might shake that determination.
Now France could be providing a preview of what might happen here if Obama and the Democrats get their tax increases.
Like Obama, French President François Hollande campaigned on soak-the-rich tax policies, pledging to increase the highest income tax rate from 46.8 percent to 75 percent on those earning $1.2 million or more a year.
Hollande won and, after a little waffling, just announced that his government will move forward with the tax as promised.
The next day, France’s richest man, Bernard Arnault, chief executive of the Louis Vuitton luxury brand, announced he’s moving, according to Reuters.
But Arnault isn’t coming to the U.S., as he did in 1981 to avoid the last Socialist president of France. Arnault is applying for Belgian citizenship. Why trade a French soak-the-rich socialist president for an American one?
For PR reasons, Arnault quickly explained he isn’t fleeing France because of high taxes-an almost requisite, if unbelievable, denial since his company it still based in France. He knows how the left personally demonizes anyone who tries to avoid their high-tax policies-even though several prominent American liberals (e.g., Tom Daschle, John Kerry and Timothy Geithner) have had their own tax-evasion problems.
President Obama-who wants to raise the rates on several taxes, not just the income tax-has repeatedly told us that wealthy people and companies have a patriotic duty to remain on U.S. shores and have their pockets picked so his administration can continue its spending spree. But not everyone is willing to acquiesce to higher taxes.
Under a different U.S. president, we might see those wealthy French come to America. With Obama, the wealthy French-and maybe some wealthy Americans-will choose Belgium instead.
Merrill Matthews, Ph.D., is a resident scholar with the Institute for Policy Innovation, a research-based, public policy “think tank.” He is a health policy expert and weekly contributor at Forbes.com. He also serves as Chair of the Texas Advisory Committee of the U.S. Commission on Civil Rights.
Perhaps just letting the Bush taxcuts expire as they were intended would be an excellent start.
Obama wants to raise rates on the “rich”, Romney wants to close loopholes the “rich ” are using to pay less in taxes…
The Romney plan might actually send more money to the U.S. Treasury, but is that what we really want and need?
How about less money being taken from the pockets of those who earn it, less money going to D.C., and WAY less spending?
“The Power to Tax is the Power to Destroy”. Look Around. And, destroy it does. More to come…
Class warfare is the only real tool O has to detract from the pathetic and ruinous job he’s done as POTUS. if I was a more conspiratoral person I’d say his proficiency and the regularity of damnable and damaging decisions he’s made for my country were treasonously deliberate.
Allan-Class warfare has been going on for centuries. Maybe you should read your Bible?Then go further in the time line. You might actually come to a revelation.
There is a major problem with letting the Bush tax rates expire. If a taxpayer’s Federal income tax was his or her only tax liablity, I would say fine; let them expire. But much has changed since they went into effect. State income tax, local income tax, personal property tax, real property tax, and sales tax have all increased. If you own a business, there is franchise tax, corporate tax, payroll tax, FUTA, SUTA, yada yada… you get my drift. So what percentage of somebody’s income should go to all these taxes before they start paying for things like (oh let’s say) the rent or the mortgage, utilities, car payment, food, education, insurance, recreation, etc… The whole national narrative only focuses on the Federal rates. Let’s remember why this organization was started. TEA: Taxed Enough Already.
Middle class Canadians pay up to 30% income tax-$15,000 out of your $50K salary, to support socialism and redistribution. Add a higher cost of living, and the middle class is not so much middle anymore. Watch this video and share it with friends if you don’t want to become a socialist nation. http://youtu.be/mFDf-_l6RFk
Eric-You really have allot to learn about history and social structures as they relate to power elites. You really don’t understand “Godfull Capitalism”, especially the Free Market type.
What Romney doesn’t seem to get is that the poor pay a much higher percentage of their income in various taxes than the more affluent.
If you rent a place to live, you are paying property taxes whether you get the bill or not.
Most states have a sales tax around 6%. This is on your car, the gas (plus the federal taxes), if no car, then on the bus or train, On the heat for your house, excise taxes on the phone, etc.
They may not have to fill out the form, but someone does and has to act as tax collector to boot.
The truth be known, the lowest income pays the highest percentage of their income in taxes, even if they don’t make enough to file a tax return.
Anyone who doesn’t know this is not paying attention.
If you want to find the useless leeches, look to the “regulators”.
I’m still a republican of course, but don’t offend my intelligence.
You didn’t answer the question. What percentage of someone’s income should go to ALL taxes befor they can start figuring out how to pay the bills? And by the way you are actually making my point; however low income earners usually pay no income taxes and can even receive earned income credit. Medium wage earners probably have the second highest effective tax rate. High wage earners pay a lot and get phased out of many Schedule A deductions. High investment income earners have the best rates, but carry the most risk of loss. Let me say as a CPA and somebody who has prepared tax returns for every income bracket, taxes and revenue are not the problem. It is Federal spending, but wow how the narrative has shifted. Can Washington make the first move here. You know… balance the budget, eliminate dupicitave programs, tackle waste, fraud, and abuse. If they are still unable to meet their financial obligations, then we can talk taxes.