to be fair, it is 75% tax for those households that earn more than 1 million euros a year, not for most salaried people. That being said, a 75% tax on the rich is stupid — the rich folks have means to escape this that the middle class can’t — the rich in France can leave, or play around with the way their money is marked as earned. Either way, it means LESS coming in terms of taxes. And the hidden costs will be huge — less investment in France, less money in state coffers.
Rich in America starts at 100,000 (or even 75,000).
While you hear Obama talk about those earning millions, they always scale the figure back to $250,000 and even below that.
Al Gore once claimed that persons earning $250,000 were millionaires because in 4 years they’d have earned a million. Yes the dope actually used that logic.
It’s like the guy haggling with the whore over going to bed for a million dollars or ten dollars. They want to establish the concept of confiscatory taxes and then settle on the amount (as low a threshold as possible).
Red Ted Kennedy fought to maintain inheritance taxes. His estate is going to his private trust foundation run by various family members to be used for private weekend retreats at the Kennedy Klan Kompound.
What a frickin’ scumbag that lout was. Never was a man of principle and stupid Democrats were even defending that action on the Yahoo news comments.
I showed my young daughter this. She was also aghast at the 75% tax rate (proposed in France I think?). I had just done a search to refresh my memory with Reagan’s tax cuts. It had been 70% on the highest incomes, and he reduced it to 28%.
I asked her who are the richest people in America - not including movie stars, etc. (She’s 14).
“Uhm - people that work at Microsoft?”
“Well - yes! And the richest guy at Microsoft?”
“Bill Gates!”
“Right again - and why is Bill Gates the richest?”
“Cuz he owns the company?”
“Right. Many, if not most, of the really rich folks in America own or run companies. Now, instead of paying 70% to the government you are told to only pay 28%, what are you going to do?”
“Spend more!!!”
“That was part of it, and...??? (The following was with numerous “and”’s to lead her on:
“Work harder and earn more”
“Build more things”
“Hire more workers”
“Now - did the government over a period of time bring in MORE money by lowering the tax rate, or did it bring in LESS money.?”
“I want to say less, because they were only getting 30%. BUT, the rich were making more money, and more people were working and making more - so I want to say the government brought in more money.”
“Yes - it was MORE money going to government than before!”
“Dad - you should be President!”
“No - I’m just telling you everything that President Reagan had already done!”
“Inves
So, is this a new tax rate for the French, or has it been that way for some time?
If the criminally insane rate of 75% on the rich has been there for a while, it seems they would have noticed the drop in tax receipts by now. Seems they would have noticed the connection between cause and effect......
Listen to me....trying to apply a bit of logic to a Socialist tax model. Fuhgitaboudit!