Socialist thinking

‘The five biggest French banks made a profit of 25 billion euros last year, so I propose a supertax of five billion euros,’ said Montebourg.

Big pot of money! We’ll have some!

With no thought whatsoever as to what that big pot of money currently does before it is taxed.

Sigh.

30 comments on “Socialist thinking

  1. Monsewer Mountebank is indeed a gift to us all. The evil and stupidity of the French left is legendary and he seems determined to moron-mouth himself into that legend.

  2. Mountebank by name (almost) and by instinct.

    French Banks need all the bolstering they can get to help them try to weather the next phase of France’s economic decline.

  3. Bif +2

    No bank is going to relocate to Paris with their 75% higher tax rate, in addition to the near certainty that the French government will mug them at the first opportunity.

  4. If the banks make a 25 billion euro loss, would he propose giving them 5 billion back?

    I think we should look up all those bankers who opposed Brexit and force them to live in Paris. Starting with the board of the Bank of England.

  5. Where does all the bank money come from in the first place?..Cue for wise Uncle Tim to say 1) that banks don’t create money, then 2) that they create it out of thin air.
    A government fee for the creation of money , seigniorage , would be preferable to taxing earnings but we know ,kiddies, that only the oiks pay tax as we have public spirited experts to evade, no avoid it, never use that word! Really we public school boy jolly boys who have reduced this country’s economics to chaos or ,more correctly, ushered in an era of unfettered opportunity prefer the expression “tax planning” to that dead common expression: tax evasion.Never be common boys!

  6. Rambling Rose Reed Returns.

    Taxation is theft you otiose twat. The more money that left-scum get their hands on the more damage they do.

    God Bless all tax evaders.

    We need an army of tax defiers –ready to use whatever measures are needed to protect their money from thieves.

    The phone is ringing. Its the 1950s calling–they want their Court Jester back.

  7. Oops, found the answer in the article. BNP Paribas, Societe Generale, Credit Agricole, BPCE and Credit Mutuel. They’re all a bit of both, as far as I’m aware.

  8. Reminds me of the Thomas Sowell quote:
    “I have never understood why it is greed to want to keep the money you have earned but not greed to want to take somebody else’s money”

  9. @DBC “only the oiks pay tax”

    It’s not that socialists are ignorant. It’s just that they know so much that isn’t so.

    Top 1% of earners earn about 11% of UK’s income and pay about 29% of all income tax.

  10. DBC Reed

    Ecks put it far more forcefully than I ever could – haven’t you and Carol Wilcox got a campaign to organise with all your usual ‘good humour and grace’ – one to return the country to the halcyon days of warm beer, the village green and everyone nice and curled up by the coalfire in their council houses with their outside loos and their mangle in the scullery. All so much more wholesome than the cuthroat world of the 21st century…

  11. Rob

    Leaving aside the likelihood of being victims of a terrorist attack, especially with the impending implosion of Algeria. Bloomberg carries near weekly stories (seems to be a reliable pro Remain fodder publication) about 20,000 bankers heading over to Paris – if its 2,000 it will be a miracle. 20,000 jobs might well head over there if the banks are that daft – and good luck to them recruiting people from the various ISIL enclaves in the banlieues. They won’t last long – odds are they would be moved to whatever the banks home territory was….

  12. Slightly off topic but the news is reporting that Brexit is going to ruin Richard Branson’s 2017 plans.

    It really is the gift that keeps on giving isn’t it?

  13. Speaking of Branson he features in lots of idiot net “adverts” showing photos of him with his face all bashed up as if he has just had a black-glove interview. They have some blurb about “Isn’t it terrible what’s happened to Richard Branson?”. Well if the Remainiac bastard has had a kicking, no it isn’t terrible, but I suspect it is another attempt to get people to click the link and infect their computer with dodgy software so I haven’t checked any further. Has Branson been given a kicking by any chance?

  14. French corporation tax is already 33.33%. So of this 25B, assuming it’s pre-tax profit, the French state already sees 8.3B in corporation tax alone.

    Take another 5B out of that, makes it 13.3B, or 53% total.

    If I were a bank, the *last* thing I’d want to do right now would be to move anything in the direction of France…

  15. What I love about it is that it’s not simply “we ought to increase the rate of tax on bank profits,” or “the rate for banks should be such-and-such,” but he jumps right to the absolute number. “Oh, you made 25 billion? Too much. Gimme…let’s say 5 billion. The rate is whatever we need it to be.”

  16. Ecks “Has Branson been given a kicking by any chance?”

    He fell off his bike at the time of the Virgin Traingate thing. That bashed his face. Those would be the pictures they are using. I thought it was a Momentum hit squad action.

  17. I checked as best I could as to who owns these banks. It seems that, as I expected, they are largely institutionally and government owned.

    So the proposed tax will fall substantially on pensioners.

    I like it, old people are too damn well off anyway, steal their money and shove them into the Arctic ocean on an ice floe.

    BNP Paribas ownership – https://invest.bnpparibas.com/en/share-ownership
    Societe Generale, http://www.4-traders.com/SOCIETE-GENERALE-4702/company/
    Credit Agricole, http://www.4-traders.com/CREDIT-AGRICOLE-4735/company/
    and then I got bored.

  18. “Fred Z

    I checked as best I could as to who owns these banks. It seems that, as I expected, they are largely institutionally and government owned.

    So the proposed tax will fall substantially on pensioners.

    I like it, old people are too damn well off anyway”

    Most pensioners have their pensions tied up in gilts and such like – they need security of income. It’s the young, saving for a pension, who would see their pension pots plummet.

  19. Andrew C, even better, I hate young people even more than old people. Steal their money and sell them into slavery. The young are mostly air-head lefties anyway, serve them right for supporting Corbyn, Sanders and Trudeau.

    But seriously, pensions tied up in gilts? That may be true for individuals, but pension funds all seem to have about 40%+ in equities, with the UK at 43%. http://tinyurl.com/hf39zsd, see page 7

  20. @SMFS,

    To be fair they’ve already had the five billion (and more). Repeatedly. As an advance, downpayment, golden hello, compensation for regulations, deposit, bung, rescue package, second rescue package, underwriting of second rescue package, etc. etc.

  21. This is a temporary problem.

    Interest is haram. As soon as Merkel’s smiling hordes fully “assimilate” into Western Europe, we won’t have banks making super-profits or indeed any profits – because we won’t have any banks at all. Only toothless old men offering services like money transfers via their biraderi.

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