Judge Andrew Napolitano stopped by Fox & Friends to discuss the ramifications of the U.S. “heading down the same road” as France, which the report indicated is facing a tax rate of 75 percent.
The silver lining here, said the Judge, is that people in the U.S. have France to look to as an example of what happens when taxes go up: Rich people leave.
“It’s happened that rich people are fleeing the country of France,” agreed host Steve Doocy. “In the United States of America, in the past, highest tax rates have been in the 80 or 90 percent bracket, I think, as recently as John F. Kennedy.”
“Yes, and when John F. Kennedy and a Democratic congress reduced the tax rate from 90 to 65,” said Napolitano, “more money comes in the treasury. I know it sounds counter-intuitive, but when taxes go down, people earn more money and they pay more money to the treasury. The French system is intended to punish the wealthy. That’s the campaign of President Hollande. He promised the labor unions to do that. So by punishing the wealthy, he will punish the people whom the wealthy employ.”
“The President of France ran on a campaign dividing classes,” he continued. “Sound familiar? He promised the punish the rich to help the poor. Sound familiar? So the American public will learn a lesson hopefully before election day when they see what is happening in France.”
Have a look, via Fox News:
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