Yesterday, as I was watching the news, the story of Francois Hollande's budget cuts of around €10 billion and his proposed 75% tax for the "well-off" citizens of France came up. Since I do not know any details on the cuts I will refrain from commenting, however, a 75% tax seems like too much.
Personal tax in France has so far had a maximum of 41% and now people who earn more than €1 million per year will have to give 75% of their income to the state. Although this is a temporary tax, expected to last until 2017 and then removed, I do not think that it is sustainable under economic logic. People who actually earn 1 million euros per year aren't those who sit around all day and do nothing. They are those whose responsibility is great, like operating pension funds or multinational organizations. They hold the wealth and jobs of many individuals in their hands and they have most likely worked exceedingly more than everyone else to get where they are now.
The problem here is incentives: Who would be motivated to work hard
