French Dopers....what do you think of the proposed Supertax?

[XT]

Was reading this brief article on President François Hollande’s planned Supertax…a new tax that will set the bar at 75% for anyone who makes over a million Euros a year.

France’s Socialist President François Hollande is the talk of Europe for his planned 75% tax rate on individual incomes over €1 million. When enacted, the new rate will catapult France to the top of the list of high-tax countries.

Hollande has defended the new rate as part of his effort to shrink France’s budget deficit. But the new “supertax” is about more than raising money. It is also designed to make a point. “It’s symbolic,” Hollande has said. “It will show an example.”

Indeed, that’s the essential nature of very high rates on very rich people. They aren’t really about raising money, although they can do that pretty well sometimes. Rather, they are designed to make a political statement about fairness and economic justice.

Thoughts? Will this catapult France into the economic promised land, allowing for a balanced budget, extension of much needed new social programs and entitlements and a chicken in every pot? Or will it stifle economic growth, cause Frances wealthy to find ways around the limit or even have some of the French wealthy taking their marbles and moving someplace else?