Like Cuba Without the Sun

François Hollande, the new socialist president of France in 2012, astounded the world, and pleased President Obama, by imposing a 75% income tax on high earners. Obama invited him over, took him in as a new best buddy, and White House photographs featured the smiling pair together at Camp David.

The “supertax,” of course, failed. High income people arranged to earn less — hiring fewer workers, shutting down income/job sources, and in some cases abandoning the country. Even French leftist/socialists became suddenly and publicly uncomfortable when the new implementation actually applied to them. And as a result, just as lower taxes produce higher tax revenue, this supertax reduced actual tax receipts in France.

The title here is from a description of France as a result of this new statist policy: “It’s like Cuba without the sun.” This was not some US conservative offering this particular bit of snark, but France’s own economic minister Emmanuel Macron himself.

So, as of today, the unpopular (except with lower-income leftists) supertax is gone.

And it now counts as one of the biggest liberal fails, according to the Daily Caller. (Many of them are more directly connected to Obama, of course. He simply cheered this one on.)

Will President Obama learn from this? In a word, no.

==============/ Keith DeHavelle