Obama knows this, which is why he promised to bankrupt coal plants by imposing crushing taxes. Now France has decided it has too many rich people and financial transactions and has gone after them, doubling the tax on stock purchases and taking a knife to the throats of its wealthy.
France estimated that the doubling of the tax will bring in an additional 170 million euros in 2012 and 500 million euros next year. The state will start collecting the tax in November, Budget Minister Jerome Cahuzac’s press office said.
It’s too bad that no one’s going to report next year on how much money this tax actually produces. That would be information of interest to everyone except the looters and their supporters in the press.