France To Raise Top Tax Rate To Shocking 75%

[First Lady]

France To Raise Top Tax Rate To Shocking 75%

Francois Hollande, the newly elected socialist president of France, looks set to achieve one of his main campaign goals and will impose a 75 percent tax rate on people earning more than $1.23 million per year, reports the Washington Post.

It's thought that the tax, which is a marked increase from the previous rate of 48 percent, will be implemented by next year, according to AFP.

[transplant99]

How absurd.

[nik-]

Vive le tax shelters

[Ozy_Flame]

Cue the raging Conservatives!

[Northendzone]

So does this mean that these folks are going to pay about $825k in taxes and take home the rest?

Seems ridiculous that the government could take more from you than you get to earn.

[Table 5]

Anyone who makes that much a year probably officially lives in Monaco or something anyway. When you make that much money, you have people work day and night to make sure you pay less than your secretary.

[transplant99]

Originally Posted by Ozy_Flame

Cue the raging Conservatives!

I guess if thinking that government taking 3/4 of every dollar earned from some people is ridiculous and patently absurd makes one a "raging conservative"....count me in.

[Azure]

Hasn't this happened before? Most of the rich people left. Way to go France. Blame those damn rich people for all your problems and tax them more!

[Sylvanfan]

So a lot of people will be asking for 1.22 million and extra time off I guess. That's an outrageous increase to make a political statement. At that rate people will exhaust every avenue possible to avoid paying.

[First Lady]

Originally Posted by Azure

Hasn't this happened before? Most of the rich people left. Way to go France. Blame those damn rich people for all your problems and tax them more!

One of the lower rungs is already set to increase.

There is currently no plan to change the tax rates for most people, which is 14 percent for the poorest and 30 percent for the next rung. For higher earners — people with incomes above 70,830 euros a year — the tax rate will soon rise to 44 percent, up from 41, in a change that was already set before Mr. Hollande’s election.

Also corporate tax is pretty high too.

For Mrs. Segalen, the proposal is the latest red flag in a country that has long labored under the image of being a difficult place to do business. France has a 33 percent corporate tax rate — the euro zone’s second-highest, after Malta’s 35 percent. That contrasts with the 12.5 percent rate in Ireland, which has deliberately kept a lid on corporate taxes as a lure to businesses.

Those two quotes are from this article.

[Table 5]

Just put a 0.1% tax on wine and they could solve their financial issues in mere weeks.

[Ozy_Flame]

Originally Posted by transplant99

I guess if thinking that government taking 3/4 of every dollar earned from some people is ridiculous and patently absurd makes one a "raging conservative"....count me in.

Are you surprised that a socialist European president is following through with this? I'm not. It is a rather high number though.

[Jacks]

If his goal is to chase away all the rich people then he is doing an admirable job.

http://en.wikipedia.org/wiki/Taxatio...and#Income_tax

Non-working foreigners resident in Switzerland may choose to pay a "lump-sum tax" instead of the normal income tax. The tax, which is generally much lower than the normal income tax, is nominally levied on the taxpayer's living expenses, but in practice (which varies from canton to canton), it is common to use the quintuple of the rent paid by the taxpayer as a basis for the lump-sum taxation.[20] This option contributes to Switzerland's status as a tax haven, and has induced many wealthy foreigners to live in Switzerland.

In 2011, the federal income tax varied from a bracket of 1 % (for single tax payers) and 0.77 % (for married taxpayers) to the maximum rate of 11.5 %. Individuals earning below 13,600 and couples earning below 27,000 Swiss francs were exempt. On cantonal level, tax rates varies heavily, Obwalden adapted a 1.8 % flat tax on all personal income following a cantonal referendum in 2007. In most cantons, the rate is proportional with a maximum rate of 6.5 % in Bern, whereas in Zurich it was 13 % and in Geneva 17.58-.76 % (depending upon taxes as single or jointly).

[zarrell]

Originally Posted by Sylvanfan

So a lot of people will be asking for 1.22 million and extra time off I guess. That's an outrageous increase to make a political statement. At that rate people will exhaust every avenue possible to avoid paying.

No. It's certainly only an amount above the 1.23 that is taxed at that ridiculous level. Not the entire income.

[Hans Landa]

Sounds like he wants a nation full of unsuccessful losers (basically a country full of Occupy protesters).

Way to suck the motivation out of anyone to achieve a high level of success.




1962: "Golly! That Sam Walton, what a hard working American inspiration"
"Yes son, if you work hard, you can be just like Sam one day if you put your mind to it"

2012: "Walmart Sucks! Those Waltons are blood sucking vultures. Their grand daddy worked to damn hard. **** those successful brats!"
"Yes son. Now go key that Bentley. Those rich p***ks can afford a new paint job"


How the world has changed.

[SebC]

Originally Posted by Azure

Hasn't this happened before? Most of the rich people left.

Elaborate, please. When did this happen and what were the quantifiable effects?

[Makarov]

I presume that the 75% tax rate would only apply to income over and above $1.23 million. In any event, clearly a majority of french voters didn't find this ridiculous.

[First Lady]

Originally Posted by SebC

Elaborate, please. When did this happen and what were the quantifiable effects?

Johnny Depp, Nov 2011 (when the writing was on the wall)

[Azure]

Originally Posted by SebC

Elaborate, please. When did this happen and what were the quantifiable effects?

I recall something about Britain doing the same thing and a bunch of rich people moving away.

[First Lady]

Here's a more recent article regarding the wealthy leaving France.

http://www.cbn.com/cbnnews/world/201...void-Tax-Hike/