Whoops: France’s revenue projections failed to take into account that the wealthy would leave the country

Liberals are liberals no matter where in the world they are. If they’re in charge of a state in the U.S., they’ll increase luxury taxes on yachts, spend the extra revenue they projected as a result of the increase and then after the tax haul drops significantly, wonder why everybody went to a different state to buy their boats. Liberal theories are created in static environments (university classrooms, for example, where they can make anything work out just fine on the chalkboard) and never take into account human nature, because doing so throws a wrench into the works.

Another example of this happened in France after their prog president cranked up tax rates big time and yet was shocked to discover the tax haul was nowhere near what was projected:

The French government faces a 14bn-euro black hole in its public finances after overestimating tax income for the last financial year.

French President Francois Hollande has raised income tax, VAT and corporation tax since he was elected two years ago.

The Court of Auditors said receipts from all three taxes amounted to an extra 16bn euros in 2013.

That was a little more than half the government’s forecast of 30bn euros of extra tax income.

The Court of Auditors, which oversees the government’s accounts, said the Elysee Palace’s forecasts of tax revenue in 2013 were so wildly inaccurate that they cast doubt on its forecasts for this year.

It added the forecasts were overly optimistic and based on inaccurate projections.

What’s French for “DOH”? More lefty bureaucrats sacré bleu it big time.

The worst part of it is they never learn their lesson. Hollande’s “solution” will probably be to try to convince every other country in the world to have similar confiscatory tax rates so people have nowhere to flee, when in fact he just needs to admit he’s an idiot.

Author: Doug Powers

Doug Powers is a writer, editor and commentator covering news of the day from a conservative viewpoint with an occasional shot of irreverence and a chaser of snark. Townhall Media writer/editor. MichelleMalkin.com alum. Bowling novice. Long-suffering Detroit Lions fan. Contact: WriteDoug@Live.com.