This could happen here. There certainly won't be anything to trickle down, if the rich take their money elsewhere.
http://netrightdaily.com/20...-a-frenchmans-folly/

quote British Prime Minister David Cameron caused an international stir last month when he addressed a meeting of the world’s largest economies in Mexico City. In his remarks, Cameron referenced a specific component of France’s new €7.2 billion tax hike program — a 75 percent “super tax” on annual earnings above €1 million. “I think it’s wrong to have a completely uncompetitive top rate of tax,” Cameron said. “If the French go ahead with a 75 percent top rate of tax we will roll out the red carpet and welcome more French businesses to Britain.” The French were, as the expression goes, très en colère at such a prospect. “F–k Cameron,” blared the headline of Le Nouvel Observateur, the country’s largest news magazine. “By transforming his country into a tax haven, Cameron is trying to attract all of those who have no civility whatsoever and who would gladly expatriate themselves if it meant saving a few million,” the paper’s editor-in-chief lamented. First of all, this cross-Channel dust-up has very little to do with Britain becoming a “tax haven” (Cameron’s country is lowering its top income tax rate from 50 to 45 percent next year — hardly “haven” levels). Instead, it’s about France becoming what one entrepreneur called “the most taxed country in the world.” It’s also about what will happen when what’s left of the French private sector (government expenditures are already responsible for 56 percent of the nation’s GDP) is subjected to such an all-out assault. Honestly, what do French critics expect Cameron to do in this situation? Turn back a cresting wave of new investment, jobs and tax revenue at a time when the European economy is clearly on the verge of yet another full-blown recession? He’d be tarred and feathered for even trying. Nonetheless the architect of France’s latest (and greatest) adventure in socialism — newly elected president François Hollande — made it clear that he was also miffed by Cameron’s remark. “Everyone should take responsibility for what he says. I do,” Hollande responded tersely when asked about Cameron’s comment. “At a time when European solidarity should be strong, I will do nothing to breach it.” Of course Hollande did just that weeks later by snubbing Cameron and extending the first British diplomatic invite to his Élysée Palace to Labour Party leader Ed Miliband. French snootiness, anger and vindictiveness aside, the fact remains that a sizeable portion of the nation’s assets will soon be headed to England (and Ireland, Monaco, Switzerland, etc.) whether Hollande and his socialist allies like it or not — and whether Cameron rolls out the red carpet or not. “A large number of wealthy French families are leaving the country as a direct result of the proposals of the new government,” a French real estate agent told The (U.K.) Telegraph. But it’s not just rich families pulling up stakes and heading to more hospitable economic climates. French companies like Dior, Givenchy, and Peugeot are also reportedly considering a leap across the Channel in order to stay afloat. Why? Because Hollande’s government is doing much more than just hiking taxes on upper income earners. It is also imposing what’s know as a contribution exceptionnelle sur la fortune – a new tax on wealth that will double the burden for French citizens with assets in excess of €4 million. The death tax in France is also on the way up again – as is the top marginal rate on non-wealthy French taxpayers (i.e. those earning more than €72,000 a year). Businesses large and small are about to feel the burn, too. Not only is the minimum wage in France being raised (above inflation, it’s worth noting), but Hollande is proposing a new three percent dividend tax on corporations – while forcing larger companies to speed up their tax payment schedules. New taxes on energy providers and financial transactions are also in the works – as is a reinstatement of the tax on overtime hours. Why do overtime hours matter in France? Because the last time the socialists were in power they chopped the French workweek down to 35 hours – forcing conservatives to roll back income taxes on those hours in an effort to ramp up economic output. Obviously Hollande isn’t going to end this benefit. In fact he wants French employees to work even less, which is why he’s proposing to reduce France’s already ridiculously low 62-year-old retirement age by two years. Is any of this sustainable? Of course not. Hollande’s policies are beyond inadvisable in the best of economic circumstances – and positively suicidal given the nation’s flagging growth and the rampant instability of the Eurozone. And while the stated goal of these tax hikes is to lower France’s soaring deficits (a noble goal), one would think a government that’s eclipsed the size of the private sector could find some room to cut back somewhere. Apparently not – which is why France is about to learn the hard way what bleeding the rich and attacking corporations means to an economy that’s already teetering on the brink.

A REAL Letter from a Professional Engineer to his employees
(there is no way to confirm this email, but the message is real)

quote To All My Valued Employees, There have been some rumblings around the office about the future of this company, and more specifically, your job. As you know, the economy has changed for the worse and presents many challenges. However, the good news is this: The economy doesn't pose a threat to your job. What does threaten your job however, is the changing political landscape in this country. Of course, as your employer, I am forbidden to tell you whom to vote for - it is against the law to discriminate based on political affiliation, race, creed, religion, etc. Please vote for who you think will serve your interests the best. However, let me tell you some little tidbits of fact which might help you decide what is in your best interest. First, while it is easy to spew rhetoric that casts employers against employees, you have to understand that for every business owner there is a back story. This back story is often neglected and overshadowed by what you see and hear. Sure, you see me park my Mercedes outside. You saw my big home at last years Christmas party. I'm sure all these flashy icons of luxury conjure up some idealized thoughts about my life. However, what you don't see is the back story. I started this company 12 years ago. At that time, I lived in a 300 square foot studio apartment for 3 years. My entire living space was converted into an office so I could put forth 100% effort into building a company, which by the way, would eventually employ you. My diet consisted of Ramen Pride noodles because every dollar I spent went back into this company. I drove a rusty Toyota Corolla with a defective transmission. I didn't have time to date. Often times, I stayed home on weekends, while my friends went out drinking and partying. In fact, I was married to my business -- hard work, discipline, and sacrifice. Meanwhile, my friends got jobs. They worked 40 hours a week and made a modest $50K a year and spent every dime they earned. They drove flashy cars and lived in expensive homes and wore fancy designer clothes. Instead of hitting Nordstrom's for the latest hot fashion item, I was trolling through the Goodwill store extracting any clothing item that didn't look like it was birthed in the 70's. My friends refinanced their mortgages and lived a life of luxury. I, however, did not. I put my time, my money, and my life into a business --- with a vision that eventually, some day, I too, will be able to afford these luxuries my friends supposedly had. So, while you physically arrive at the office at 9 am, mentally check in at about noon, and then leave at 5 pm, I don't. There is no "off" button for me. When you leave the office, you are done and you have a weekend all to yourself. I unfortunately do not have the freedom. I eat, ****, and breathe this company every minute of the day. There is no rest. There is no weekend. There is no happy hour. Every day this business is attached to me like a 1 day old baby. You, of course, only see the fruits of that garden -- the nice house, the Mercedes, the vacations... You never realize the back story and the sacrifices I've made. Now, the economy is falling apart and I, the guy that made all the right decisions and saved his money, have to bail out all the people who didn't. The people that overspent their paychecks suddenly feel entitled to the same luxuries that I earned and sacrificed a decade of my life for. Yes, business ownership has its benefits but the price I've paid is steep and not without wounds. Unfortunately, the cost of running this business, and employing you, is starting to eclipse the threshold of marginal benefit and let me tell you why: I am being taxed to death and the government thinks I don't pay enough. I have state taxes. Federal taxes. Property taxes. Sales and use taxes. Payroll taxes. Workers compensation taxes. Unemployment taxes. Taxes on taxes. I have to hire a tax man to manage all these taxes and then guess what? I have to pay taxes for employing him. Government mandates and regulations and all the accounting that goes with it, now occupy most of my time. On Oct 15th, I wrote a check to the US Treasury for $288,000 for quarterly taxes. You know what my "stimulus" check was? Zero. Nada. Zilch. The question I have is this: Who is stimulating the economy? Me, the guy who has provided 14 people good paying jobs and serves over 2,200,000 people per year with a flourishing business? Or, the single mother sitting at home pregnant with her fourth child waiting for her next welfare check? Obviously, government feels the latter is the economic stimulus of this country. The fact is, if I deducted (Read: Stole) 50% of your paycheck you'd quit and you wouldn't work here.. I mean, why should you? That's nuts. Who wants to get rewarded only 50% of their hard work? Well, I agree which is why your job is in jeopardy. Here is what many of you don't understand .. to stimulate the economy you need to stimulate what runs the economy. Had suddenly government mandated to me that I didn't need to pay taxes, guess what? Instead of depositing that $288,000 into the Washington black-hole, I would have spent it, hired more employees, and generated substantial economic growth. My employees would have enjoyed the wealth of that tax cut in the form of promotions and better salaries. But you can forget it now. When you have a comatose man on the verge of death, you don't defibrillate and shock his thumb thinking that will bring him back to life, do you? Or, do you defibrillate his heart? Business is at the heart of America and always has been. To restart it, you must stimulate it, not kill it. Suddenly, the power brokers in Washington believe the mud of America are the essential drivers of the American economic engine. Nothing could be further from the truth and this is the type of change you can keep. So where am I going with all this? It's quite simple. If any new taxes are levied on me, or my company, my reaction will be swift and simple. I fire you. I fire your co-workers. You can then plead with the government to pay for your mortgage, your SUV, and your child's future. Frankly, it isn't my problem any more. Then, I will close this company down, move to another country, and retire. You see, I'm done! I'm done with a country that, (with the help of the press,) penalizes the productive and gives to the unproductive. My motivation to work and to provide jobs will be destroyed, and with it, will be my citizenship. While tax cuts to 95% of America sounds great on paper, don't forget the back story: If there is no job, there is no income to tax. A tax cut on zero dollars is zero.. So, when you make decision to vote, ask yourself, who understands the economics of business ownership and who doesn't? Whose policies will endanger your job? Answer those questions and you should know who might be the one capable of saving your job. While the Main stream Liberal media wants to tell you "It's the economy Stupid" I'm telling you it isn't. If you lose your job, it won't be at the hands of the economy; it will be at the hands of a political hurricane that swept through this country, steamrolled the Constitution, and will have changed its landscape forever. If that happens, you can find me in the South Caribbean sitting on a beach, retired, and with no employees to worry about. Signed, Your boss, [contact information removed by Avengador1]

[This message has been edited by avengador1 (edited 08-03-2012).]

Now, Mr. Obama says it ain't so, avengador1. And doesn't Flashy Icons of Luxury sound like a great name for a band, especially one that rails against wealth and privilege?

Well the folk scene is dead
But he's holding out in the village
He's been writing songs speaking out
Against wealth and privilege
He says, "I don't believe in money
But a man could make him a killin'"
'Cause some of that stuff don't sound
Much different than Dylan

[This message has been edited by heybjorn (edited 08-03-2012).]

I love Will Smith's reaction.