Socialists in France Announce New Taxes

[Iwillnevergiveup]

http://www.nytimes.com/2012/07/05/world/europe/french-socialists-raise-taxes-to-fight-deficit.html?_r=1&src=me&ref=world

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"France's new socialist government announced on Wednesday billions of euros in tax increases and new taxes, to be borne by businesses and the wealthy in a revision of the 2012 budget designed to meet promised deficit targets in a period of nearly stagnant growth."

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[Iwillnevergiveup]

1. A bit more and......if only here, too

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"The government said 73 percent of the tax increases on families would fall on those with the most wealth; individuals are expected to pay 53 percent of France’s taxes this year.

There will also be a one-time tax on oil stocks, which is expected to raise $688 million and will hit refineries and gasoline stations, which supposedly have benefited from higher oil prices. About $1.13 billion is to come from ending a tax exemption for overtime income, a major effort by former President Nicolas Sarkozy to raise take-home pay, and there will be a new tax on dividends and stock options. But the government canceled a rise in the general consumption tax that Mr. Sarkozy had planned. "

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[MannyGoldstein]

2. $50 says their economy improves

and their bond rating stays the same or improves.

History tells us this is the ONLY way to emerge from a depression. Not bipartisan austerity!