2024-10-03 08:30:34
If we know that a priori companies with more than a billion turnover should pay 8.5% more in corporate tax, we do not yet know which “rich” people will be subject to new taxation.. This will be clarified in the coming days and the coming days will be exciting and undoubtedly frightening in terms of announcements for many. This is a long litany that you may be subjected to over the next two weeks. A litany of bad news because we have to “clean the Augean stables” as they say.
Barnier is there to do the dirty work but do it anyway.
Barnier is the discreet guardianship of Brussels and the ECB.
The Barnier government will not fall.
We will have a political game.
The left will scream.
Will utter his usual cries about social and fiscal justice.
The right will say less taxes and more work.
The RN will say fewer immigrants = less spending.
LFI will table its motions of censure that the RN will not vote for and vice versa. LFI will never vote in the name of its moral principles on a motion tabled by the RN.
The Barnier government will not fall.
But… taxes will fall on you as surely as smallpox on the lower clergy, as my mother-in-law said truculently.
If it’s not taxes that fall on you, it will be spending cuts that fall on your head and reduce your resources.
So, let’s go.
Let’s talk about the first reduction measure that has just been announced!
The revaluation of pensions postponed by 6 months to save 3 billion euros
This may not seem like a big deal.
This is not a cancellation, it is a simple postponement. A little discrepancy. Nothing more than a slight hiccup.
You know our country. A country where additional taxes are always “provisional”, where reductions are simple shifts… all in iterative processes.
Within 6 months the situation will be so serious that it will be necessary to postpone the increase in pensions again… but what do you want, we couldn’t know.
Do you want me to tell you what we cannot know today except when we are a Norman attic economist who reads the entrails of crystal chickens and my ball of the same name?
That the economy in China is slipping a little and that it is not China which will drive global growth in the coming months, especially since we are causing it misery with deglobalization with sanctions and customs duties on its electric cars For example.
That the American economy is in full fiscal drift (worse than France) and that after the November elections Uncle Sam’s side will have to calm down on public spending. Between the rate increases and the reduction of budgetary stimuli, we might as well tell you that American growth will not save us.
That, finally, Germany, our main trading partner, is not in great shape either…
We will be all alone facing our debts, our stupidities and our inconsistent spending.
It is logical that everyone who depends on public spending would be affected. I say logical and predictable, not that it’s good or well done. When the state coffers are empty, those who are paid by the state necessarily drink.
And again, what I’m telling you here is if everything goes well.
If, as I fear, “pink” October turns into Red October, it risks being much worse.
Eyes are turned towards the Middle East.
We are entering the home stretch of the American election.
The tension is at its peak.
The world is on edge.
Tighten your buttocks and revise your PEBC anyway. You never know. My chickens have been cackling strangely these past few days. Especially since they saw the VIX jump in a surprising way.
The file “Reduction in rates, increase in taxation, how to navigate it” is available in your reader areas for download.
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I wish you a good reading of this file entitled “Lower rates, increase in taxes, how to navigate it“.
It’s already too late, but all is not lost.
Get ready!
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