Francois Hollande’s socialist government apparently has never heard of the economist Arthur Laffer, who proved that high tax rates actually reduce tax revenue because they cause economic activity to slow down, which in turn erodes the tax base. Hollande is now proposing a 66 percent tax on high earners to replace the old 75 percent tax, which was declared unconstitutional by France’s highest court, but LIGNET believes its effects will still do more harm than good for the country’s beleaguered economy.
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