Plus ça change, plus c’est la même chose. Per the BBC:
The French government faces a 14bn-euro black hole in its public finances after overestimating tax income for the last financial year.
French President Francois Hollande has raised income tax, VAT and corporation tax since he was elected two years ago.
The Court of Auditors said receipts from all three taxes amounted to an extra 16bn euros in 2013.
That was a little more than half the government’s forecast of 30bn euros of extra tax income.
French socialists had high hopes for their scheme. But they hadn’t counted on wreckers selfishly putting themselves above the grand designs of the state:
The income tax threshold for France’s wealthiest citizens was raised to 75% last year, prompting some French citizens, including the actor Gerard Depardieu, to leave the country and seek citizenship elsewhere in Europe.
The public, too, has proven itself to be fickle and unrevolutionary:
The figures come a week after French Prime Minister Manuel Valls, who was appointed in March following the poor showing of Mr Hollande’s Socialists in municipal elections, appeared to criticise the president’s tax policy by saying that “too much tax kills tax”.
Opinion polls put Mr Hollande’s approval rating among voters consistently below 20% and critics say his tax policies have hurt France’s chance of a sustained economic recovery.
Funnily enough, the British learned the same lesson in 2012, when a new 50 percent rate proved to be counter-productive:
The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. Most other taxes produced higher revenues over the same period.
Senior sources said that the first official figures indicated that there had been “manoeuvring” by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.
The full story here.