Lessons from France

http://www.bbc.co.uk/news/business-14656486

France introduces new tax on high incomes

The French government is to impose an extra tax of 3% on annual income above 500,000 euros (£440,000; $721,000).

It is part of a package of measures to try to cut the country's deficit by 12bn euros over two years.

The tax increase came after some of France's wealthiest people had called on the government to tackle its deficit by raising taxes on the rich.

...

Sixteen executives, including Europe's richest woman, the L'Oreal heiress Liliane Bettencourt, had offered in an open letter to pay a "special contribution" in a spirit of "solidarity".

It appeared on the website of the French magazine Le Nouvel Observateur.

It was signed by some of France's most high-profile chief executives, including Christophe de Margerie of oil firm Total, Frederic Oudea of bank Societe Generale, and Air France's Jean-Cyril Spinetta.

They said: "We, the presidents and leaders of industry, businessmen and women, bankers and wealthy citizens would like the richest people to have to pay a 'special contribution'."

They said they had benefited from the French system and that: "When the public finances deficit and the prospects of a worsening state debt threaten the future of France and Europe and when the government is asking everybody for solidarity, it seems necessary for us to contribute."
....

I suppose this is what real concern for budget deficits looks like, not to mention it is an admirable display of maturity, and regard for the public interest.
Its strange however that in France, unlike America*, when the rich voluntarily call for higher taxes in times of adversity they're not dismissed as socialists.

*see Fox News reaction to recent Warren Buffet remarks on the subject.

Lessons from Illinois . . .

http://blog.heritage.org/2011/08/24/illinois-loses-most-jobs-in-nation-following-massive-tax-increase/

Nice chart there eh?

Oh right, apples and oranges,,,,

Originally posted by generalissimo
http://www.bbc.co.uk/news/business-14656486

[b]France introduces new tax on high incomes

[/i]The French government is to impose an extra tax of 3% on annual income above 500,000 euros (£440,000; $721,000).

It is part of a package of measures to try to cut the country's deficit by 12bn euros over two years.

The tax increase came after som ists.

*see Fox News reaction to recent Warren Buffet remarks on the subject.[/b]

That's in addition to a top marginal rate of 41% already. http://www.french-property.com/news/tax_france/income_tax_rates_2011

1000000000 Euros is equal to 1346799392.10 US Dollars. The Euro to Dollar exchange rate: 1 Euro is equal to $1.35. ChaCha soon!

Originally posted by Sleepyguy
Lessons from Illinois . . .

http://blog.heritage.org/2011/08/24/illinois-loses-most-jobs-in-nation-following-massive-tax-increase/

Nice chart there eh?

http://www.huffingtonpost.com/2011/01/13/illinois-income-tax-incre_1_n_808764.html

Debt, deficits and unemployment in Europe
The EU’s Growth and Stability Pact forbids countries from having public debt higher than 60 per cent of Gross Domestic Product. The public deficit of eurozone members, or new borrowing per year, cannot be higher than three per cent of GDP. Greece is not the only eurozone member with problems. Here’s how other European countries are peforming:

Greece: Public deficit: 12.7 % of GDP (in 2009); Public debt: More than 300 billion euros, or 125% of GDP (2010 forecast); Unemployment rate: 9.7%.

Germany: Public deficit: 5.5 % (2010 forecast); Public debt: 76 %; Unemployment rate: 8.6 %.

United Kingdom: Public deficit: 12.7 % (2009); Public debt: 80.3% (2010 forecast); Unemployment rate: 7.8%.

Spain: Public deficit: 11.4 % (2009); Public debt: 66.3% (2010 forecast); Unemployment rate: 19.5 %.

Portugal: Public deficit: 9.3 %; Public debt: 84.6% (2010 forecast); Unemployment rate: 10.4%.

Italy: Public deficit: 5.3 % (2010 forecast); Public debt: 115.8 %; Unemployment rate: 10 %.

Ireland: Public deficit: 14.7 % (2010 forecast); Public debt: 82.9% (2010 forecast); Unemployment rate: 13.3%.

France: Public deficit: 8.2 % (2010 forecast); Public debt: 83.2 % (2010 forecast); Unemployment: 10 % (fourth quarter 2009).

So you really think taxing the rich is the answer? Like I said, it's a step in the right direction, but only if spending cuts are made also.... why is that so hard for some of you to understand? when have you ever been able to spend your way out of debt, like Obama has been trying to do..I can't wait for this great plan he has coming,, three years after he takes office he is actually going to present a plan...
Hope and promise,, HOPE he is a one term president , PROMISE he will be with things going south so fast.

Lessons from France? what a joke.....

Originally posted by Hugh Glass
Debt, deficits and unemployment in Europe
The EU’s Growth and Stability Pact forbids countries from having public debt higher than 60 per cent of Gross Domestic Product. The public deficit of eurozone members, or new borrowing per year, cannot be higher than three per cent of GDP. Greece is not the only eurozone member with problems. Here’s how other Eu ...[text shortened]... (2010 forecast); Public debt: 83.2 % (2010 forecast); Unemployment: 10 % (fourth quarter 2009).

How have the Euros been running up so much debt? They'd been slashing their military spending and their tax rates are high. What do your governments spend soooooooo much money on over there?

Originally posted by generalissimo
http://www.bbc.co.uk/news/business-14656486

[b]France introduces new tax on high incomes

[i]The French government is to impose an extra tax of 3% on annual income above 500,000 euros (£440,000; $721,000).

It is part of a package of measures to try to cut the country's deficit by 12bn euros over two years.

The tax increase came after som ...[text shortened]... ists.

*see Fox News reaction to recent Warren Buffet remarks on the subject.[/b]

That will never go over here in America....it requires one to think. Not much of that in America. (Who needs brains when you can blow up the world...right??)

Originally posted by Hugh Glass
Debt, deficits and unemployment in Europe
The EU’s Growth and Stability Pact forbids countries from having public debt higher than 60 per cent of Gross Domestic Product. The public deficit of eurozone members, or new borrowing per year, cannot be higher than three per cent of GDP. Greece is not the only eurozone member with problems. Here’s how other Eu ...[text shortened]... (2010 forecast); Public debt: 83.2 % (2010 forecast); Unemployment: 10 % (fourth quarter 2009).

The GSP has been reformed in 2005, why do you pretend it hasn't?

Originally posted by no1marauder
How have the Euros been running up so much debt? They'd been slashing their military spending and their tax rates are high. What do your governments spend soooooooo much money on over there?

Some of it is from bank bailouts/2008-2009 crisis, some of it is left over from the stagflation era. Many European governments used the 90s economic boom to cut taxes or increase spending rather than pay off debt. The Dutch government, for example, foolishly cut its top marginal income tax rate from 60% to 52%, while maintaining wasteful mortgage deductions.

Originally posted by no1marauder
How have the Euros been running up so much debt? They'd been slashing their military spending and their tax rates are high. What do your governments spend soooooooo much money on over there?

You can check here a breakdown by general function:
http://stats.oecd.org/Index.aspx?DataSetCode=SNA_TABLE11

Originally posted by Sleepyguy
Lessons from Illinois . . .

http://blog.heritage.org/2011/08/24/illinois-loses-most-jobs-in-nation-following-massive-tax-increase/

Nice chart there eh?

Indeed, and I think the unemployed will be even happier when you slash expediture on government assistance to them.