Walter Russell Mead writes that “Francois Hollande really can’t catch a break. One of the most memorable election promises he made was to raise marginal tax rates on the very rich—those making €1 million or more—to an eye-popping 75%. His government has, alas, finally decided to scrap that particular pledge.”

Governments' lust for more revenue knows no a bounds ... or boundaries. The French assault on their "millionaires and billionaires" may have met its Waterloo (pardon) but one can be sure the defeat is not permanent and “Pierre Moscovici, the French finance minister ... promised to look at unspecified ‘other options’ for 2014.”

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