French Socialists eye tax rises after big poll win
Source: Reuters
(Reuters) - France's Socialists vowed on Monday to use a resounding victory in weekend parliamentary elections to pursue President Francois Hollande's drive for growth in Europe while sticking to promises to cut the budget deficit, mostly through taxation increases.
Hollande will use a special session of parliament next month to whittle down France's numerous tax exemptions and pass tax rises for large corporations, especially banks and energy firms, in a bid to cut the deficit to within the European Union's 3 percent limit by next year despite a stagnant economy.
Economists expect the Socialist leader - who has also pledged a 75 percent tax rate on those earning over 1 million euros - to use an audit of the state's finances due early next month to water down his campaign pledges to increase spending on welfare and education and justify tax rises.
Final results from Sunday's election showed the Socialists won a comfortable majority of 314 seats in the 577-member National Assembly, freeing them from reliance on euroskeptic far-leftists opposed to more austerity measures.
Read more: http://www.reuters.com/article/2012/06/18/us-france-election-idUSBRE85H1E520120618
Tax the rich!
tabatha
(18,795 posts)secondwind
(16,903 posts)harun
(11,348 posts)hrmjustin
(71,265 posts)wish we had it here.
byeya
(2,842 posts)can be duly deliberated and passed. Don't let them sneak their ill gotten pelf out of the country
while progressive tax legislation is being considered.
Indydem
(2,642 posts)Are you suggesting an asset tax?
JDPriestly
(57,936 posts)impose a big penalty in the form of a large cash pay-out to each employee when laid off or fired without good cause.
Otherwise, the exodus of industry to the third world will increase.
nxylas
(6,440 posts)"Austerions win" makes a much more compelling headline in the 1% media than "Corporatists lose".
MannyGoldstein
(34,589 posts)On November 7th, after I do my part to get Democrats elected to office.