PARIS — Embattled French President Francois Hollande suffered a fresh setback Saturday when France's highest court threw out a plan to tax the ultrawealthy at a 75 percent rate, saying it was unfair.
In a stinging rebuke to one of Socialist Hollande's flagship campaign promises, the constitutional council ruled Saturday that the way the highly contentious tax was designed was unconstitutional. It was intended to hit incomes over €1 million ($1.32 million).
Breathe it in...swish it around in your mouth a little. Ahhhhhhh... So France's highest court shot down Socialist, Hollande's 75% taxation to those pulling in more than $1.32 Million. That's rather bland so far. But, wait...Hollande's Government of idiots is going to fix it and resubmit. Try and guess how they plan on doing that. Why, they're going to include more people in the tax bracket.The largely symbolic measure would have only hit a tiny number of taxpayers and brought in an estimated €100 million to €300 million - an insignificant amount in the context of France's roughtly €85 billion deficit.
Thank you ever so much, High Court of France. Of course, we will add those people to the "screw you" list. Carry on.The court's ruling took issue not with the size of the tax, but with the way it discriminated between households depending on how incomes were distributed among its members. A household with two earners each making under €1 million would be exempt from the tax, while one with one earner making €1.2 million would have to pay.
PS: Here's Orson's Loophole to this nonsense. Lobby the French Government to include equal benefits to same sex marriages. Once acquired, then claim that adding cumulative earnings of same sex couples is discrimination. It's always fun to pit one form of Liberalism against another. They tear each other apart trying to feel good about themselves.