The French peasants are revolting…

France’s highest court today gave President Francois Hollande the green light to introduce a top tax rate of 75 per cent. After months of wrangling, the Constitutional Council said the controversial proposal by the Socialist president was within the law. It has already led to entrepreneurs and celebrities leaving France, but Mr Hollande is determined to see the policy implemented. Now companies will have to pay 75 percent tax on all annual salaries exceeding one million euros, the equivalent of £830,000. 

images The Council originally rejected the measure in March, saying that it was against the law to levy taxes on individuals, rather than on households. But in a ruling published on Sunday, the council said a reformulated tax ‘conforms with (France’s) constitution’. Employers will now have to pay 50 per cent income tax on salaries they pay above €1m, or £830,000. Social charges will bring the effective rate up to 75 per cent. The tax will apply for incomes paid this year, 2013, and in 2014. Mr Hollande has admitted that he ‘dislikes the rich’, but insisted his new tax did not aim ‘to punish’ them.

images-2He said he hoped it will encourage companies to lower executive pay during tough economic times. But it comes as the French economy veers from crisis to crisis – all of them blamed on Mr Hollande’s mismanagement.  A Penny €uro for your thoughts? 

The number of unemployed spiraled to 3.29 million this month, representing a year-on-year increase of 5.6 per cent. Beyond the sky-high job rate and rocketing cost of living, Europe’s second largest economy fell by 0.1 per cent in the third quarter of this year. This was while Britain’s economy grew by 0.8 per cent, and Germany’s by 0.3 per cent. Mr Hollande is by far the most unpopular president in the recent history of France, according to all recent polls. His disastrous handling of the economy has seen hundreds of thousands regularly staging public demonstrations against him. images-3Earlier this month, France was branded the new ‘sick man of Europe’ amid fears it may slip back into recession. ‘France looks increasingly like the new sick man of Europe,’ said Markit’s Chris Williamson, while others warned that the 75 per cent tax rate will see more talent flooding out of France. In another devastating analysis this month, ratings agency Standard & Poor highlighted the risks to the French economy posed by weak economic growth, high unemployment, the rising national debt and ‘elevated’ levels of tax and spending

So Mr ‘Presidents’, hows that great Socialist dream working out for you both? The peasants have no bread “Qu’ils mangent de la brioche” translated Let them eat cake“… ‘Cheers’      Yours Aye.

32 thoughts on “The French peasants are revolting…

    • Old NFO, the great majority of us that sit on the ‘correct side’ of the English channel, view the European Union with absolute disdain. It is a cesspit of self seeking politicians that fatten their bank accounts daily, knowing all the while that their system is one big fraudulent con.

      I made a statement a while back that when the EU collapses I will run around my field three times bollock-naked, with a peacock feather sticking out of my arse; I am even prepared to film it for presentation to YouTube…

      I trust you have not yet eaten your evening meal ;-) My apologies if you just have… Aye.

  1. EB, how did Hollande get elected in the first place? Did he campaign as something he wasn’t, like Barack Obama did in 2008? Why anyone would vote for a socialist is something I cannot comprehend.

  2. You may well have said that, Ex Bootneck but I have since relegated it to my remaining grey cells for posterity…I’d still like to see that personal touch I know you would contribute to such a production on YouTube…it’s late and long past dinner time and I’m cracking up……ah, EB you make me laugh….and that’s an important feature in any friendship ….k

    • Kristen, it is the most magnificent peacock feather ever, and I’ve even offered to stick a carrot up each nostril as I strut the light fantastic in celebration… It may well make the evening news? ;-)

      • I continue to wait with baited breath, EB…and you have an ever expectant audience….you’re an amusing chap…k

  3. “I will run around my field three times bollock-naked, with a peacock feather sticking out of my arse”

    You can take the man out of the Marines…

    • nbc, I know, some times I forget myself…

      I once came home on summer leave to stay with my parents, using my childhood bedroom as my bunker. Having travelled through the night I arrived just in time for one of my Dad’s special saturday morning english breakfasts, afterwards I showered and crashed out for a pair of hours…

      On awakening I had the house to myself, and as one does, I made a pot of tea wearing a towel and a smile, whilst singing at the top of my voice; the classic X rated version of “Has anybody seen JC”, (‘not since easter Monday, riding on a donkey’, etc, etc)… Only for my Mother to walk in through to the kitchen to tell me that Father MacBrian was sat in the front room with my Gran, drinking tea, and they can hear every single word…

      She had to come and tell me after I was on the fourth verse? ;-) Such is life, Aye.

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  14. The irony, of course, is that the French may hate Hollande, but they still won’t figure out that the problem is the ideology — socialism — not the man putting it into effect. As surely as they elected Hollande, they’ll elect the next socialist who appears on the political scene.

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