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Thursday, March 8, 2012

France: How To Demolish A 75% Income Tax

Oh-là-là. Only in socialist France - the love of soccer is trumping a 75% tax....

Socialist Party candidate François Hollande, frontrunner in the French presidential election, was trying to score some cheap points...he offered his raptly listening compatriots two new income-tax brackets: 45% on income over €150,000 ($195,000) and 75% on income over €1,000,000. The “Hollande Tax,” as it was lovingly dubbed, was aimed at corporate compensation schemes. While CEOs broke into a cold sweat as they pressed their iPhones to their ears to better hear the whispered strategies of their offshore bankers, a hullabaloo broke out in a totally unexpected area: le foot ... soccer, France’s national sport. “Our best players, who are in a global market, will leave,” lamented Frédéric Thiriez, president of the Professional Football League.... It hit home. Soccer is the sport of the people. Even the poor and the perennial underclass of North African descent and the otherwise discriminated-against proletariat, and even François Hollande himself, they all love soccer, and they all want France to win the World Cup in Brazil in 2014. But France won’t even be able to qualify without professional players. Oh-là-là.

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