Imagine if your taxes tripled — literally overnight.
The so-called Bush tax cuts are set to expire at the end of the year. That means that all of the current income tax rates will rise to pre-2001 levels overnight. The lowest rate will jump from 10% to 15% and the highest from 35% to 39.6%. Although Congress extended all of the cuts at the end of last year, some Democrats have pledged to let the tax cuts expire for the “rich” — individuals making $200,000, and $250,000 for families. Continue reading
Well, the French have pretty much f’d themselves. (Go figure.) Now, let’s fasten our seatbelts and watch as the other Euro-dominos roll. GE.
Francois Hollande defeated French President Nicolas Sarkozy as voters handed control of the second-biggest European economy to the Socialists for the first time in 17 years. Rather than face the pain of cuts to entitlements and other government spending, the French people opted for the “ruby Slipper” solutions – RAISE taxes, RAISE government spending, INCREASE entitlements. You know, the same policies that have doomed France and Europe to perpetual malaise. Socialist Hollande’s simple solutions include:
*Impose a tax on financial transactions.
*Impose a 75 percent income tax on earnings above 1 million euros ($1.32 million) and raise the rate to 45 percent for the income bracket between 150,000 euros and 1 million euros per year.
*Repeal 29 billion euros of tax breaks over the next five years.
*Increase total tax level to 46.9 percent in 2017 from 45.1 percent in 2012 (payroll and profit).
*Increase tax on biggest companies to 35 percent.
*Scrap Sarkozy’s 1.2 percent VAT increase.
*Raise state spending by 20 billion euros over five years.
*Allow those who have worked more than the legal minimum of 41.5 years to retire from the age of 60.
*Limit pay of executives at state-owned companies to 20 times the lowest wage.
*Hire 60,000 teachers and school employees and 5,000 police officers over next five years.
*Hire 150,000 youths in state-subsidized jobs over the next five years.
*Cut French president’s and Cabinet ministers’ pay by 30 percent. Continue reading