"...It beggars belief that with so much evidence on the outcomes, really dumb economic decisions keep getting repeated. But French socialist President Francois Hollande’s 75% supertax on high earners set a new high watermark for insanity – one definition of which is the act of repeating the exact same thing but expecting a different result. Economic realities have forced Hollande to quietly shelve the supertax. Too late, though, to assist his low popularity among the same voters who loved the idea when it was mooted ahead of his election.
By Eric RANDOLPH of Agence France-Presse
Once a flagship policy of French President Francois Hollande, the 75-percent “supertax” on top earners limps into its final weeks this month having sparked plenty of controversy but few economic results.
It was no surprise that the policy, which expires on February 1, would be quietly dropped: it was only ever slated to last two years and the Socialist government has for months declared it would not be renewed.
The tax had also been watered down until it was barely a shadow of the “exceptional contribution to solidarity” proclaimed by Hollande when he came to power in 2012.
France’s top court had declared as unconstitutional the original plan to levy the tax on all individuals earning one million euros ($1.2 million).
The government came back with a version that made companies pay the 75-percent rate only for the portion of employees’ salaries above the million-euro ceiling.
But by then, it had already become a symbol of France’s opposition to big business and attracted high-profile derision.
Actor Gerard Depardieu stormed out of the country in a huff over the tax and took up Russian citizenship in 2013. It was reported he only paid six-percent tax in his new home.
“I am leaving because you consider that success, creation, talent — anything different — must be punished,” he wrote at the time..."
And because it worked SO WELL in France, the Belgian Parti Socialiste is now proposing... a millionaire tax too!!! Granted, the levy would be less. So let's call them instead of dumb just a little bit short on furniture in the attic.