The programme features a 90 per cent tax rate on annual income of over €400,000, a reduction in the retirement age from 64 to 60, a block on the price of “essential goods”, a 14 per cent increase in the minimum wage and spending commitments of at least €150 billion over three years.
I say do it, good ‘n’ ‘ard. After all, it will be only Frenchies who are harmed in the proof that lefty ecnoomic ignorance doesn’t work.
When was the last time we had a marginal income tax rate of >90%? I remember that high-income holders of Gilts paid >100% briefly underWoy Jenkins as Chancellor.
The small boats will increase tenfold… filled with actual French folk.
Quick. Buy shares in high class London estate agents.
Alexa, what is White Flight?
But when countries do this, nobody tends to learn anything. When things go wrong they don’t change course, they find someone to blame and double down.
The French seem disinclined to stick around for this grand experiment
https://www.dailymail.co.uk/news/article-13614769/France-faces-immediate-financial-crisis-weeks-Olympics-Macrons-disastrous-election-minister-warns-victorious-hard-left-vows-90-tax-rich-freeze-food-prices-wild-250bn-spending-spree.html
Rational, it certainly isn’t. And the consequences would be serious, even partly in the UK. But bring it on…
Le Pen dodged a bullet with that result. A budget is due in Sept and there’s no way Bardella could have put one together in time which would satisfy the E.U. and they’d be spoiling for a fight with the hard right. As it is they’re getting impatient with Macron.
Best let the left have all the problems and break the EUs budget budget rules.
Let them eat shit.
Person in Pictland:
The Beatles were complaining about 95% in “Taxman” (1966), but I think the US and other countries also had very high marginal rates at the time, so the ability to flee them was more limited.
They will flee, or accountants and lawyers will require their own tax avoidance schemes on this.
The French Corbyn?
He makes corbyn look like Henry fucking Ford! (and I’m not referring to his disdain for a certain category of volvo drivers).
And should the UK gov have any sense it should make clear to the French they need are welcome here with all that lovely money
@JuliaM – the hilarious thing is that every one of those Frenchies looking to desert would have been clutching their pearls about Le Pen and the horreur of the ‘far right’.
M,
“ The Beatles were complaining about 95% in “Taxman” (1966), but I think the US and other countries also had very high marginal rates at the time, so the ability to flee them was more limited.”
AIUI capital controls prevented them fleeing with their money.