Wealthy French Balk at President Hollande's Plan for 75 Percent Tax on Income Over $1.24 Million Annually

I could have sworn Hollande was backing off his big tax and spending schemes since winning election. But I guess not. I don't think $1.24 million is astronomically rich. It's a lot of money. But folks like that are looking to get into the 100s of millions, if not billions. I can see why even the more solidaristic French are saying screw that.

At the New York Times, "'Les Riches' in France Vow to Leave if 75% Tax Rate Is Passed" (via Memeorandum). I like the chart here.

Plus, Walter Russell Mead comments, "Amazingly, Socialism Isn’t Helping France."

RELATED: I thought this was satire, actually, from Hamilton Nolan at Gawker, "Let's Have a Maximum Income." Stephen Green, at PJ Media, isn't taking it as satire, "An Idea Whose Time Has Come (for You)."

But really. It's gotta be satire. I'll tweet that guy Nolan later. Maybe he'll admit that his piece was just a hoax. No one can be that stupid.