News: France 75% millionaire tax
- Thread starter Wicked Ice
- Start date
"The standout measure, from a public perspective, was a new 75% tax rate on people earning more than €1m a year. This is expected to hit only 2,000 taxpayers."
Really? There are only 2,000 people in France earning more than 1 million Euros a year? That can't be right.
Um, can you say tax evasion?
Really? There are only 2,000 people in France earning more than 1 million Euros a year? That can't be right.
Um, can you say tax evasion?
It's an income tax, few people would take that much as a salary, and I'd expect once the 75% tax goes in that number will rapidly drop to zero.
Most people earning that kind of money are company directors and shit, so they take their money in dividends/stock and whatever else.
France is a mix of extremely large international companies (like LVMH and L'Oreal) and millions of small businesses (the bourgeoisie). The small business owners will pay corporation tax and capital gains taxes but not income taxes. Dividends usually get classed as tax already paid (because they get paid out of net profits) unless you are receiving large amounts of them to bump you up the tax thresholds. Most smart business people will retain the money within the companies and put them in pension funds or R&D (which is what the French govt wants them to do).
The only sector that has employees who earn €1m a year is banking. I think they've stung the bankers as a symbolic gesture designed to make the tax rises on people lower down more palatable. And what can those bankers do? If they want to avoid the tax, they need to get another job abroad, and the financial sector in the UK and Switzerland arn't hiring at the moment.
It's actually a clever piece of realpolitic. So many people are discussing what is happening to those earning over €1m a year that they've missed all teh tax rises on those below...
The French are teh one nation that can't evade taxes by going to Monaco, LOL. It's something De Gaulle took care of in the 1960's. (Monaco is a dependent of France and he threatened to take away their independent status). So Monaco can screw other EU nations out of tax, but not France...
If the usual tax is 20%, someone making 800 000$ an year, will be left with more money after tax, than someone making 1 000 000...
Doesn't make any fucking sense!
Seriously, I thought Denmark's 43% to 58.5% Tax Rates were high enough and then I see this 75% New Tax Rate for people getting paid more than 1M annually
Doesn't make any fucking sense!
Seriously, I thought Denmark's 43% to 58.5% Tax Rates were high enough and then I see this 75% New Tax Rate for people getting paid more than 1M annually
Thank god for doing what is right. How can someone make 1 million plus and not help their own country out. I wish we did the same in USA.
Uh, by making that kind of money you're generally employing a lot of people. Not only that, but you'd be spending that money locally on food, hookers, cars, etc.
With that said, I'm ok with high personal income taxes as long as corporate taxes are LOW.
34.5%.
Also, the income tax rate on earnings above 150,000 euros and below 1,000,000 euros is 45%. Note that in Britain, you pay 45% on earnings over £100,000 (125,000 euros). In other words, for middle earners, France is a lower tax place!! If you are a New Yorker on the same income, you'll end up paying the same too (3.648% city income tax, 6.85% state taxes plus federal taxes of 33% going up to 36%). So the New Yorker on about $175,000 will be worse off than his equivalent in France too! Especially as the average Frenchman (and Brit) has no more to pay towards their healthcare costs (it's all included).
Like I said, it's a clever budget - they've sacrificed 2000 bankers to make sure than people lower down don't get upset at their tax increases. As for the banks - many are paying out precious capital in bonuses and then asking the taxpayer to bail them out because they have no capital left. Incentives are needed to make sure the banks retain enough capital to make sure the long-suffering taxpayer is not tapped.
The wealthy pay way more in taxes, literally and proportionally, when compared with the rest of the nation.
Wow...great idea...instead of stimulating the economy to increase the tax revenue base...lets take a contractionary stance and tax the rich thereby reducing incentive for entrepreneurial action.
Where the fuck did these socialist wankers get their economics degrees?
Where the fuck did these socialist wankers get their economics degrees?
Wealthy people hide their wealth outside these jurisdictions rather than evade taxes "illegally".
These high taxes are great populist propaganda, but almost no one will end up paying it. It's for show to make the middle class accept the austerity while feeling that the big guys don't get off scot free.
H. L. Mencken said:
The wealthy pay way more in taxes, literally and proportionally, when compared with the rest of the nation.
So next show me a chart of taxes paid - including payroll, excise, state/local taxes and sales tax - as a percentage of total income by income level.
The rich don't drive economic growth. The middle class does. Trickle down tax systems only serve to further enrich those at the top. If there is money to be made in France, entrepreneurs will still go there to get it.
Why should a rich person pay more in tax than a poor or middle class person? If you're going to have taxation, which I oppose 100%, it should be the same dollar amount for everyone. Otherwise, the parasites start sucking money out of the productive. If the 47% or whatever that don't pay federal income taxes actually had to pay taxes and knew that they would have to pay more in taxes for any gov't program they voted for, there would be more resistance to the growth of the State.