French Socialists eye tax rises after big poll win

[bemildred]

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

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Tax the rich!

[tabatha]

1. France - lead the way!

[secondwind]

2. Amen! K&R -- let the pendulum swing the other way for a change!

[harun]

3. Vive France! Reap the rewards of an intelligent electorate!

[hrmjustin]

4. Good for the french!

wish we had it here.

[byeya]

5. First, freeze the assets of the ultra-wealthy for a short period so the tax legislation

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]

6. What do assets have to do with taxes?

Are you suggesting an asset tax?

[JDPriestly]

7. My advice to the French: If you are going to raise corporate taxes,

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]

8. Funny how we're not hearing nearly so much about this as about the Greek election

"Austerions win" makes a much more compelling headline in the 1% media than "Corporatists lose".

[MannyGoldstein]

9. I want to move to France

On November 7th, after I do my part to get Democrats elected to office.

[dmosh42]

10. This good news is not a reported item on my media! A fair sytem--unbelievable!