In a stinging rebuke to one of Socialist Hollande's flagship campaign promises, the constitutional council ruled Saturday that the way the highly contentious tax was designed was unconstitutional. It was intended to hit incomes over 1 million euros ($1.32 million).
The largely symbolic measure would have only hit a tiny number of taxpayers and brought in an estimated 100 million to 300 million euros - an insignificant amount in the context of France's roughtly 85 billion euro deficit.Has the press ever reported on the "insignificant amount," in relation to our outrageous debt, that would come in as a result of Obama's plan to tax the rich, and how it would make virtually no impact on eliminating the deficit? As Mark Steyn so memorable wrote:
"If you took every single penny that Warren Buffett has, it'd pay for 4-1/2 days of the US government. This tax-the-rich won't work. The problem here is the government is way bigger than even the capacity of the rich to sustain it. The Buffett Rule would raise $3.2 billion a year, and take 514 years just to pay off Obama's 2011 budget deficit."