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French president's plans to hike taxes on wealthy

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    America heading down the same path?

  • Duration 2:54
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Right the country of France now facing a tax rate all of 75%.

And were already seen the effects business people -- -- lot.

President raising taxes on the rich sounds familiar so should this be a warning to people on this side of the Italy and -- that's -- 5% sounds outrageous Fox News senior judicial analyst judge Paul Thomas that the US could be headed down that same road projects.

I could -- I thought well again on the well.

There there's this bad news in this good news the bad news is that this tax rate is confessed to -- and it's going to produce less revenue for the -- -- French treasury.

Then -- now the case.

Because a lot of wealthy people will restructure there income so they don't meet the ceiling which is well one point 25 euros a one point 25 million euros.

To hit the 75% rate the good news is.

American voters will see what's happening right in taxes go up revenue goes down and with rich people flee the country do we want that to happen here.

And it's happened that rich people are fleeing the the country of France we've got a graphic that shows that a model by the name and it's easy cast.

A restaurant -- famous here in New York Elaine -- costs and singer Johnny Holliday have all moved to countries just across the border to get rid of get away from the high taxes.

But the judge all you have to do is look back to you know you -- -- 5% giving man that's hot.

In united -- of America in the past the highest tax rates have been in the eighty and 90% bracket I think as recently as John F.

Kennedy.

Yes and when John F.

Kennedy and they democratic congress reduced the tax rate the top tax rate from 9265.

More money came into the treasury I know it sounds counter intuitive but when taxes go down.

People earn more money right and paying more money to the treasury.

The French system.

Is intended to punish the wealthy that's the campaign -- president along he promised the labor unions he would do that so by punishing the wealthy.

He's gonna punish the people -- know the wealthy -- they're gonna lose their job.

-- once again much as we're seeing in this country.

Where president a lot this is vowing to do this to the wealthiest people in the 75% tax rates yet it would only bring in a small amount relative to their budget woes symbolic unity treasury because there's only about I read something like 3000 people in all of -- -- -- into this.

Heaves right it's it's symbolic the president of France ran on a campaign dividing classes.

Sound familiar yeah -- he promised to punish the rich in order to help the poor sound familiar.

So the American public will learn a lesson hopefully before Election Day when they see what's happening in France all right hydrogen and -- -- of -- thank you.

Pleasure guys we're just kill me what to do until he ran out -- and many French words and it tell them up but I think it's.

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