25th October 2013
Teams in France’s top two soccer divisions will strike for an entire weekend in protest of President François Hollande’s proposed 75 percent tax. Under the proposal, companies would be liable to pay the “super tax” for employees making more than €1 million.
French soccer fans, as well as critics, of the proposed tax say it will dissuade players from playing for teams in the country. On top of that, the looming tax comes at a time in which Ligue 1, France’s top league, is facing financial problems; the BBC reports the league has lost €303 million over the last three seasons.
People won’t want to work in a place where three-quarters of their income is confiscated? Who knew?
Welcome to the real world, where markets work even when you don’t want them to.