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Thread: Francois Hollande forced into humiliating U-Turn: corporate taxes to fall, spending cuts

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    Politics.ie Member Eric Cartman's Avatar
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    Smile Francois Hollande forced into humiliating U-Turn: corporate taxes to fall, spending cuts

    Francois Hollande lurches Right in historic U-Turn to save French economy - Telegraph

    Company taxes will fall by €20bn a year equal to 1pc of GDP, to be phased in gradually by 2015 under a convoluted system of rebates.
    Premier Jean-Marc Ayrault said it amounted to a 6pc cut in unit labour costs, enough to close the gap with eurozone rivals. "France is not condemned to a spiral of decline, but we need a national jolt to regain control of our destiny," he said.
    The mid-rate of VAT for restaurants and services will jump from 7pc to 10pc. The top rate will rise slightly to 20pc. Spending cuts will plug the revenue gap in order to meet the EU’s 3pc deficit target.
    Critics call it the most humiliating U-turn in French politics since François Mitterrand abandoned his disastrous experiment of "Socialism in one country" under a D-Mark currency peg in 1983.
    Mr Hollande came to office vowing lower VAT rates to protect the buying power of workers, and called business tax cuts a "gift to the rich". He imposed €10bn of fresh taxes on firms just weeks ago in his 2013 budget, a move that set off a revolt by business leaders.
    How embarrassing. We call ours, Éamonn Gillmore. Or Pat Rabbitte.

    How will the broader left in Europe react to this news? Surely if Europe's most socialist economy (56% GDP) begins to cut back, spending cuts and tax cuts, surely the rest of the European left has to reconsider its options? This is seismic.

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    Default

    Zoo.

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    Politics.ie Member borntorum's Avatar
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    History repeats itself. Francois Mitterand came to power in 1981 promising the most socialist policies outside of the Communist bloc. The economy promptly collapsed, and a year later he was forced to veer to the right and revert back to traditional, capitalist, social democracy. The French, for all their leftist posturing, were happy with his u turn and he continued to lead the Republic until 1994.

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    Quote Originally Posted by Politics matters View Post
    Zoo.
    One can only assume that you are a disgruntled lefty who is rather upset by this good news.
    "If we can but prevent the government from wasting the labours of the people, under the pretence of taking care of them, they must become happy." - Thomas Jefferson

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    Politics.ie Member Eric Cartman's Avatar
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    Quote Originally Posted by Politics matters View Post
    Zoo.
    Zoo? Are you serious? This is hugely significant, Hollande's radical rhetoric completely exposed as empty? Faced with a massive exodus of wealth-creators over high taxes, he backs off? Zoo?

    Oh I forgot: you are a Left-tard. You must similarly feel humiliated.

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    GDPR Deleted
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    Quote Originally Posted by Politics matters View Post
    Zoo.
    Why?

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    He was either lying or delusional when he made his electoral promises.

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    There is no Money Fairy - even if you are a hard core, dyed in the wool believer, as all French Socialists are.
    "Always do right. This will gratify some people and astonish the rest." Mark Twain

    “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

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    Quote Originally Posted by Eric Cartman View Post
    Zoo? Are you serious? This is hugely significant, Hollande's radical rhetoric completely exposed as empty? Faced with a massive exodus of wealth-creators over high taxes, he backs off? Zoo?

    Oh I forgot: you are a Left-tard. You must similarly feel humiliated.
    You are using this debate to attack the left. You don't give a crap about what is happening in France.

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    Politics.ie Member stopdoingstuff's Avatar
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    Quote Originally Posted by Politics matters View Post
    You are using this debate to attack the left. You don't give a crap about what is happening in France.
    Does the left enjoy some sort of immunity from criticism?
    Faoi mhóid bheith saor

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