Wednesday, December 12, 2012
This Just In: French Socialists Upset That France's Millionaires Aren't Hanging Around To Get Soaked By A 75% Tax Rate
The great thing about Socialism is watching Socialists not learn anything from experience.
England just had over 10,000 people that were earning over 1,000,000 pounds a year go 'poof'! and disappear from the tax rolls. Seems that if you jack your tax rate up from 40% of their income to 50%, these greedy rich bastards WILL take steps to shelter their money and alter their economic activity to lower the amount of their earnings that are subject to taxation.
This led to the hilarious sight of socialist politicians in England ponying up for what they thought would be a cool new $2.5 billion pounds in fresh tax revenue that they had already mentally spent....and then realizing that what they were in fact looking at was a $6.5 billion pound DECREASE from what they had just collected from this income group the year before.
Labels: Rich flee socialism