A story by Reuters today explains of the new 75% income tax; “The package will recoup 30 billion euros ($39 billion) for the public purse“. Recoup? Really? Recoup?
recoup vb. 1. Regain or make good (a financial or other loss) 2. (tr.) to reimburse or compensate (someone), as for a loss.
You can only “recoup” what was rightfully yours in the first place. How the hell is anyone recouping a tax?
Finance ministers have been keen on spinning the message that the money earned by you and I belongs, by rights, to the state. And the media are buying it. The message the Reuters story conveys is that the media is now comfortable with the notion that money earned by private individuals needs to be reimbursed - that it should be taken back from those it doesn’t belong to (private individuals) and repatriated into the public coffers.
So what should the rich of France do? Well, if it was me, the answer would be “leave”. The wealthy are also the entrepreneurs, the risk takers, the employers, the visionaries, the driven and the wealth creators. Lose them at your peril.
The question shouldn’t be how much extra tax needs to be raised to balance the books, but rather, how the hell did a western nation get into the state where a 75% income tax is necessary in the first place? What kind of criminal incompetence does it take to put a nation in such dire financial peril?
And how come those demanding the rich be vilified and taxed to death all live champagne lifestyles, live in the best part of town, travel luxuriously and enjoy all the trappings of wealth and are paid out of…. the taxpayer’s purse?