75% in tax for everyone earning over one million € per year. Francois Hollande, socialist candidate for the French Presidential election, recently added this proposal to his campaign platform.
What irritated Left or Social Democratic parties in other European countries (many consider anything above 50% to be bad politics, because that rate is at least by many understood to be a disincentive for work), is only going back to what we have seen in Europe decades ago. The UK for example used to have a max rate of 80% in the 1970s.
Did a reduction lead to increasing economic growth? Maybe
Should the ‘rich’ pay a greater share? Maybe
Has the divide between rich and poor been constantly growing over the last decades? Yes it has. It shouldn’t!
If higher maximum tax rates are a way to reverse this trend, they should definitely be considered. A society divided into haves and have-nots cannot be truly fair and cannot be truly free.
A free society cannot be one of absolute equality.
But freedom cannot persist without us being equals.