France's newly elected Socialist President Francois Hollande has vowed to impose a 75% tax on anyone's income above a million Euros equivalent to $1.24 million. Clearly there is growing concern among the upper echelons of the France's business class as Hollande presses forward his 'manifesto of patriotism' to 'pay extra tax to get the country back on its feet again' ("Indigestion for 'les Riches," New York Times, August 8, 2012)
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The political rationalization for Hollande's initiative is to provide political cover for the deep cuts that the government may need to make to France's extensive social and welfare programs.
Yet the motivating force can be ascribed to a far more destructive impulse imbued with the class animosity dating back to the Revolution. Significantly, Hollande has been quoted, "I don't like the rich." Voila!
And that goes to the root of Europe's visceral response to the growing backlash against the wealthy, be it to France's everyman's historically uncomfortable relationship to money and class distinctions, on to the cultural pervasiveness of that heavily laden German word "Neid," freely translated as 'envy.'
Note EU-Digest: Mr Arnault, the CEO of the luxury conglomerate LVMH and one of the richest men in the world said he would apply for Belgian Citizenship following France President Hollande's announcement that France would tax people who earn over 1 million euro per year at 75%.
Following the election of previous Socialist president Francois Mitterrand in
1981, Mr Arnault lived in the United States for three years, returning to
France after the Socialists switched to a more conservative economic course
On Monday Arnault said he would sue the French Newspaper Liberation over their front-page headline – "Get lost, you rich A-Hole!" - which came after he said he was applying for Belgian nationality.
Read more: Raymond J. Learsy: France's 75% Millionaires Tax and America's Insidiously Crafted Two Tiered Law Enforcement
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