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Multiple parties are jockeying for position in the aftermath of France’s seismic snap election. The leftist New Popular Front (NPF) insists its ideas should be implemented.
France’s left wing New Popular Front (NPF) - now the largest group in parliament - has called for a prime minister who will implement its ideas including a new wealth tax and petrol price controls.
The leftist alliance secured the most seats in the recent French elections but fell short of the 289 needed for a majority in the National Assembly, France’s lower house of parliament.
President Emmanuel Macron’s Together bloc came in second and Marine Le Pen’s far-right National Rally (RN) party finished third.
France’s parties are now jockeying for position and it’s unclear exactly how things will shake out, but the NPF has insisted it will implement its radical set of ideas.
On paper, yes, in practice, no.
In the US, at the time that marginal tax rates got that high, the amount of things you could deduct was also MUCH higher. Truth is, nobody ever actually paid 90% back then.
That sounds like the era. KISS was not a principle appreciated by economic legislators until the later 20th century. Mercantilism died slow.
So the thing about this is that, even if the things wealthy people can deduct means that they rarely pay the 90% marginal tax in practice, the fact that the government is using the tax code to coerce them into doing certain things instead of hoarding their money is still massively beneficial. The current regime abdicates a tremendous degree of the government’s ability to tell the rich what to do with their money, and that is a major contributor to our society’s seeming paralysis with respect to doing things.