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The left-wing French coalition hoping to introduce 90% tax on rich news.sky.com/story/the-left-wing-french-coalition-hoping-to-raise-minimum-wage-and-slap-price-controls-on-petrol-13175395

844 sats \ 41 comments \ @kristapsk 10 Jul news

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333 sats \ 8 replies \ @k00b 10 Jul

Their policies:

• raising the minimum wage • price controls on essential foods, electricity, gas and petrol • lowering the retirement age to 60 • a new 90% tax on any annual income above €400,000 (£337,954) • heavy investment in green transition and public services

Please flee to the US. We could use more French restaurants in the US.

86 sats \ 0 replies \ @Undisciplined 10 Jul

I was going to say something similar. There's plenty of room in the middle part of North America for tax refugees.

114 sats \ 3 replies \ @398ja 11 Jul

Also, confiscation of all inheritances > 12M euros.

The new majority is a very fragile coalition of last minute between socialists and communists who don't necessarily appreciate each other.

They have hastily put together a political program/manifesto that everyone knows will fail. They'll contribute to the future success of the National Rally, or maybe, as many people hope, whatever new centrist political party will emerge right on time for the next presidential elections in two years.

To understand how unserous these lunatics are, you need to remember that last time they were in power, they had implemented a 75% tax on "the wealthy". The law was abandoned after it had failed miserably. Now, they want to double down?!!

One needs to understand the precarious situation in France, after seven years of Macron. The country is in ruins with a quadruple deficit (budget, primary budget, trade balance, balance of payments); rating agencies on the lookout, the new government will be have to present a new budget to the Parliament in 70 days. Good luck with such a program! It will surely lead to an increase in interest rates, and worsen the situation.

France will become ungovernable, and Bruxelles (the eu) will take over the affairs.

0 sats \ 2 replies \ @Bell_curve 11 Jul

Who preceded Macron? Holland the socialist?

the best coalition would have been Macron et Fromage

13 sats \ 1 reply \ @398ja 11 Jul

Yes, Hollande, the champaign socialist. He only served one term.

"Macron et Fromage" lol. It can't get worse, for sure, or...? Oh I forgot about the communists that will now take over in the parliament.

0 sats \ 0 replies \ @Bell_curve 11 Jul

You are right that no one has a majority and these parties hate each personally too

I hope it’s endless gridlock

149 sats \ 1 reply \ @jgbtc 10 Jul

Ouch. Can't imagine a worse agenda. It's amazing how some people have learned absolutely nothing from the past.

144 sats \ 0 replies \ @gmd 11 Jul

Europeans must think the US just keeps getting lucky. They are so short sighted. Zero incentive to start a business and be productive.

55 sats \ 0 replies \ @jp305 10 Jul

Definitely need more Lapin a la moutarde in the US.

84 sats \ 0 replies \ @Kontext 11 Jul

LOL. One can wonder why are these parties not called "far-left" (as everything that's not socialist is called far-right nowadays), or better yet - for what they really are - communist.

55 sats \ 0 replies \ @SatsMate 11 Jul

Absolutely insane! The rich will leave, and those that will start businesses will also leave. It will be like North Korea, Cuba, Venezuela or some other socialist nightmare.

67 sats \ 7 replies \ @jp305 10 Jul

It makes no sense, do they really think people will happily give anything above 400k in the name of social justice?

These people have accountants, they will just keep more money in their companies or try to avoid it in clever ways.

This will clearly impact the luxury spending which will trickel-down on the general economy.

162 sats \ 5 replies \ @kristapsk OP 10 Jul

It's populism. Their voters mostly don't understand how rich work. They think that if their only source of income is salary, the same must be for the rich people. Biggest losers here are top level managers in companies that don't own much shares and mostly are compensated through salary. Of course, rich and smart people always find a ways.

34 sats \ 4 replies \ @jp305 10 Jul

It really is a lack of financial education, unfortunately it seems that they need to learn the hard way.

79 sats \ 3 replies \ @kristapsk OP 10 Jul

Best education here is to live in poverty under communism.

58 sats \ 2 replies \ @jp305 10 Jul

Melanchon is clearly a communist.

21 sats \ 1 reply \ @Bell_curve 10 Jul

Melancholy is a lunatic

Sincere and genuine lunatic

34 sats \ 0 replies \ @TomK 11 Jul

I see very few deranged people in the politics of the West these days

21 sats \ 0 replies \ @Bell_curve 10 Jul

Create a corporation with offices in Ireland 🇮🇪

97 sats \ 2 replies \ @kepford 10 Jul

Of all the things on their agenda. Price controls would freak me out if I lived there. That's how you run out of critical goods. Basic economics. We know what price controls do.

55 sats \ 1 reply \ @Bell_curve 10 Jul

Shortage of everything essential

13 sats \ 0 replies \ @kepford 10 Jul

One of the basic things socialists do not get is how wealth is created. The default state of man is to be naked and hungry. They start with wealth and proceed to destroy it. They do not stop to understand how humanity pulled itself out of poverty. Its freedom. Not some group deciding what everyone is allowed to do.

34 sats \ 0 replies \ @JuanMiguel 10 Jul

HFSP

34 sats \ 5 replies \ @TomK 10 Jul

Nice. if you've ever wondered how to trigger capital flight, here's the recipe. but it was obvious, because socialism is an original european idea

113 sats \ 4 replies \ @anon 11 Jul

jewish idea, not european.

13 sats \ 1 reply \ @TomK 11 Jul

be that as it may, can we agree that the majority of Europeans are obviously socialists at heart?

45 sats \ 0 replies \ @Bell_curve 11 Jul

Zionism

13 sats \ 0 replies \ @TomK 11 Jul

be that as it may, can we agree that the majority of Europeans are obviously socialists at heart?

0 sats \ 0 replies \ @Bell_curve 11 Jul

😂👏👏👏

24 sats \ 2 replies \ @TNStacker 10 Jul

What the actual F?!!

• a new 90% tax on any annual income above €400,000 (£337,954)

139 sats \ 0 replies \ @SpaceHodler 10 Jul

Getting the popcorn ready to watch the Sovereign Individual thesis play out.

44 sats \ 0 replies \ @kristapsk OP 10 Jul

Bolsheviks

14 sats \ 0 replies \ @kristapsk OP 10 Jul

What are the NPF's policies?

Shortly after it formed in June, the NPF outlined its ambitious economic programme and how it would fund it.

It included:

• raising the minimum wage

• price controls on essential foods, electricity, gas and petrol

• lowering the retirement age to 60

• a new 90% tax on any annual income above €400,000 (£337,954)

• heavy investment in green transition and public services

13 sats \ 0 replies \ @TheWildHustle 11 Jul

If the rich are taxed 90%, your' either going to be poor or a criminal.

13 sats \ 0 replies \ @mf 10 Jul

I bet the oposition threw up their hands as well when a 5% was proposed at some point, and look how confortable most are giving half their capital away.

https://media1.tenor.com/m/fNCa49VKslsAAAAC/queen-of-hearts-off-with-her-head.gif

13 sats \ 1 reply \ @TheBTCManual 10 Jul

Lol gradually then suddenly, its starts with tax the rich and ends with tax the rest

21 sats \ 0 replies \ @Bell_curve 10 Jul

Slippery slope, very true

Rich people left Sweden when they raised income taxes and imposed a wealth tax. Sweden removed the wealth tax and lowered income taxes and they came back

13 sats \ 0 replies \ @Cje95 10 Jul

I dont see how any government in France actually will come to stay in power for long without another set of snap elections. The New Popular Front (NPF), this left-wing coalition doesn't have enough votes to be the majority and they don't have anymore allies on the far left that would support this... they maxed out... so they need more centralists than are already part of the group meaning the policies have to either change or the centralists could go to the Right and try to form a government that way.

Either way their whole thing with these ideas might sound great but as soon as they try to implement its over. The government could actually form and blow my mind but I don't even think they will get that far.

13 sats \ 0 replies \ @kepford 10 Jul

This sounds insane. When I first saw it I thought it was fake.

13 sats \ 0 replies \ @grayruby 10 Jul

The media described them as centre-left and Le Pen's party as "far" right. What does that tell you about the media? Reap what you sow.

10 sats \ 0 replies \ @SimpleStacker 10 Jul

GLHF, France