Video- The Rich and Young Leaving France's Welfare State

A short video on the mass exodus of the wealthy, and the "best and brightest" young men and women of  France  They want out of the "unsustainable" welfare state.

50 percent of the youth in France would leave if they could.

A warning to the U.S.

Video here.

Hollande's 'Tax Millionaires 75%' Gets Court Approval

France is about to sock it to the wealthy for several years: retroactively for 2013 and 2014. If you make over 1 million euros ($1.4 million) you're going to be hit with a hefty 75% tax. Actually, the companies that pay you that amount will be liable for a 50% duty on those wages in addition to some other taxes and "social charges" for a whopping total of 75%.  At least that's what Bloomberg.com claims.

The constitutional court of France approved Socialist President Francoise Hollande's proposal.

“The companies that pay out remuneration above 1 million euros will, as expected, be called upon for an effort of solidarity on remuneration paid in 2013 and 2014,” the Economy Ministry said in an e-mailed statement.

Hollande, who once said he “didn’t like” the rich, announced the 75 percent tax in February 2012 as part of his presidential campaign to appeal to his Socialist base. It has become a symbol of his government’s record-high taxation rate. [snip] The total amount is limited to 5 percent of a company’s revenue.

Hollande tried last year but failed because individuals rather than households were to be taxed.

It appears the current incarnation (taxing companies) went to the courts because it was opposed by a bunch of MPs and senators.

I wonder if there will be a mass exodus of the wealthy from France.

Overly Taxed Rich Leaving France Including Actor Gerard Depardieu-

The rich in France are leaving in droves especially after Socialist President Francois Hollande's administration has raised taxes on individuals making over 1 million Euros to an outrageous 75%, and they're taking their businesses with them. But it's not just income tax that has them in a tizzy:

..a sharp increase in taxes on capital gains from the sales of stock and company stakes is pushing most people to leave, according Didier Bugeon, head of the wealth manager Equance.

French entrepreneurs have complained vociferously against a proposal in the Socialist's 2013 budget to increase the capital gains tax on sales of company stakes, which they argue will kill the market for innovative start-up companies in France.

They say a stiff increase in capital gains tax would remove incentives to do this in France. They also argue that capital has already been taxed several times in the making.

The French government did wind up "backtracking" on the hefty tax increase on the sale of a company, and the 75% tax is now only for two years, but people are still packing up and moving. Actually they started moving in anticipation of an Hollande win, and are now following through with it.

And it's not just businesses, French actor Gerard Depardieu (a Nicolas Sarkozy supporter, it turns out) is planning on moving to Belgium where the taxes aren't quite so exorbitant. His decision so infuriated the French government, that its criticism led to Depardieu writing a scathing letter which was published in the Journal du Dimanche. Addressed to Prime Minister Jean-Marc Ayrault, who called Depardieu "pathetic" for wanting to move to Néchin, Belgium and take all his money with him, it said, in part:

"I am handing over to you my passport and social security, which I have never used," he said. "We no longer have the same homeland, I am a true European, a citizen of the world, as my father always taught me to believe."

He concludes: "Despite my excesses, my appetite and love for life, I am a free being, Sir, and will remain polite."

He also wrote:

"Unfortunately there's nothing left for me to do here, but I will continue to love the French, the public with whom I've shared so many emotions! I leave because you consider that success, creation, talent, difference, in fact, should be sanctioned."

Bottom line Depardieu doesn't want to live in a socialist country that is going to tax the bulk of his earnings, which is unfortunate for France since he had 80 people working for him.  Plus he claims he has paid over 145 million Euros in taxes during the past 45 years that he's been working. He also allegedly paid 85% tax on his 2012 income. That's a lot of tax monies that France will no longer have.

Naturally the leftists would be apoplectic, after all, who else is going to fill those coffers to pay for all their social programmes if all the rich bail. Some call those leaving 'traitors'. Socialist Aurelie Filippetti, minister of culture, likened Depardieu's abandoning ship to:

 "deserting the field in the middle of a war against the [economic] crisis," and that "French citizenship is an honour, and includes rights and also duties, which include the ability to pay taxes."

The conservatives there, however, know the consequences of overly taxing the rich.

"We're losing the rich, like Gerard Depardieu, and the poor feel betrayed," said Rama Yade, a former Sarkozy minister, and vice president of the moderate conservative Radical Party, referring to workers at factories expected to close down. "France is the one getting weakened, and its future is being sold off cheaply," she said.

Sound familiar? The U.S. should take heed before the mass exodus of our rich, since that has already started to happen. 

Ironically, a bunch of the rich and famous of France had banded together to petition to be taxed a higher percentage:

“We are conscious of having benefited from a French system and a European environment that we are attached to and which we hope to help maintain,” wrote the group, which included the chief executives of Air France-KLM and Société Générale, and the billionaire heiress to the L’Oréal fortune, among others. “When the public finances deficit and the prospects of a worsening state debt threaten the future of France and Europe and when the government is asking everybody for solidarity, it seems necessary for us to contribute.”

That is, until they realized how high.

Rand Paul: Let Democrats Raise Taxes, Then Let Them Own It

Senator Rand Paul thinks we should let the Democrats raise taxes on the rich and then let them own it when the economy continues to tank. I think I tend to agree with him.




Source: Real Clear Politics

Joan Rivers Blasts Obama's Tax The Rich Policies

Joan Rivers considers herself apolitical, but she hates politics and Washington, and she just joined fellow comedian Jon Lovitz in blasting Barack Obama for wanting to tax the rich.

Interviewed by POLITICO, she said,

“I’m also being chastised because I work 18 hours a day and make a living. I feel that I’m part of the 2 percent and I’m really not interested in a woman who has 95 children and has 95 husbands. I think the Chinese have it right: You each have one children, two children and you take care of them.”

"I think if I work very hard, I should be able to gather the fruits of my labor. And I think if you’re not about to work, you should get minimal and leave me alone. I think if you don’t wear a helmet and you fall off your bike, you pay for the doctor.”

And she's absolutely right.

Referring to politicians in general, she said:

“They’re all a bunch of garbage. I’m definitely in favor of a monarchy because they’re there, they look good, and they always have good gift shops when you leave the palace. … I feel that it’s just all about party affiliation and it’s all about voting the way your party wants to vote and it’s not at all about what we should be about.”

And part of the reason her comedy is "apolitical" is because of that hatred of politics.

Not that this is the first time she's been critical of Obama.  The liberal, last year, told CNS news that Obama should "stop campaigning" and "take care of the f*#ing country!" after being asked if he had lived up to her expectations.

Who knows who she will vote for, or whether she will vote at all, but it's quite obvious she is not happy with B.O.

Jon Lovitz Skewers Obama

Former Saturday Night Live comedian and Democrat Jon Lovitz (who happened to vote for Obama) layed into Barack Obama on a podcast of his  ABC’s of SNL.

“This whole thing with Obama saying the rich don’t pay their taxes is fucking bullshit. And I voted for the guy and I’m a Democrat. What a fucking asshole.”
“The rich don’t pay their taxes? Let me tell you something, right, first they tell you–you’re dead broke–This is the United States of America, you can do anything you want, go for it. So then you go for it, and then you make it, and everyone’s like, Fuck you.” 

Co-host Kevin Smith argued with Lovitz that he was unfairly ripping on the 99%, Lovitz fired back by saying the director was “masquerading as a 99%er.”

More and more are becoming disenchanted with Obama, but not enough to make much of  a dent, and probably not enough to stop them from voting for him again.  And there are still many who are as enamored of him as they were when they voted for him four years ago.

Listen to other parts of the podcast, below.

LANGUAGE WARNING!