Across Europe, the failure of austerity is clear. However with the weakness of the Eurozone’s de-centralized government apparent, France took upon itself a very different path to rectifying its financial woes. Instead of cutting services, punishing its population for the excesses of the élite, France has taken a page out of history, and taking the old tactic of raising its taxes.
The new tax rates top off at 75% of income earned over $1 million euro (approximately $1.3 million USD) for individuals. Some economists are quick to proclaim that such a tax rate would cause the economic conditions to become worse and that it sends a message that France does not like the rich and is not open for business.
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