The question of fiscal austerity has become very aligned with partisan
and ideological debates in the United States even though really it's a
separate issue. And that's something you can see on full display in
France, where the recently elected Socialist Party government is going all-in on fiscal austerity in its new budget,
but doing so in a very left-wing way. The government is convinced that
it needs a debt-reduction program and is determined to do it through
progressive taxation. The most eye-catching headline element is that
President François Holllande and Prime Minister Jean-Marc Ayrault are
proposing a new 75 percent top marginal income tax bracket.
http://www.slate.com/blogs/moneybox/2012/09/28/france_s_new_budget_left_wing_austerity_will_put_top_marginal_income_tax_rate_up_to_75_.html
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