#Cunliffe promises to raise taxes on the rich in accordance with Labour's policy platform #FuckYeah
— Idiot/Savant (@norightturnnz) August 26, 2013
France's Socialist government has admitted that the country cannot cope with any further tax rises and promised no more hikes just days ahead of the country's largest ever tax bill.Returning from their summer break, the French are about to discover stinging rises in tax bills in their letter boxes – the result of a series of new levies enacted by President François Hollande as he seeks to plug the French deficit and bring down public debt – now riding at 92 per cent of GDP.
But the extent of the hikes has apparently even shocked the very Socialist ministers who implemented them.
The total tax pressure (taxes and social security contributions) will account for 46.3 per cent of GDP this year – a historic high – compared to 45 per cent in 2012.
Some 16 million households will see an automatic 2 per cent rise in income tax as calculations are no longer mitigated by inflation.
The rich will see the highest rises, following Mr Hollande's decision to raise the rate to 45 per cent for those earning more than 150,000 euros – effectively 49 per cent due to an additional levy.
“The problem in France — for both the Left and Right — is that nobody has the bravery to slash state spending, which has now reached 57 per cent of GDP. Just how high can it go?”
Ele Ludemann has a great post up, also, on the foolishness of taxing and spending Cunliffe.