Posted on 12/29/2013 7:59:25 AM PST by mykroar
France's highest court has approved a 75% tax on high earners that is one of President Francois Hollande's signature policies.
The initial proposal to tax individual incomes was ruled unconstitutional by the Constitutional Council almost exactly one year ago.
But the government modified it to make employers liable for the 75% tax on salaries exceeding 1m euros
(£830,000).
The levy will last two years, affecting income earned this year and in 2014.
(Excerpt) Read more at bbc.co.uk ...
I can't assume France is so different that taxes ever disappear.
“it to make employers liable for the 75% tax on salaries exceeding 1m euros”
So, the employer pays it eh? I wonder if I can get my employer to pay my income tax too?? Any company foolish enough to pay some CEO 50 million would probably be foolish enough to pay the extra 37.5 mil to the government in taxes. Unfortunately, el boffo here will look at this and say the highest earners in France pay taxes at 75% so why not here too. My pinnochio knows no limits to his lies.
Let the exodus begin in earnest now.
“The levy will last two years,”
Sure it will.
Don't tell Barack; he'll think it's a great idea and scribble out an edict in graffiti on the stall in the white house mens' room, which is about as solid as anything else that passes for "writ of law" these days.
the employer pays it eh?
That is how the IMF does it. They cut our old tax cheat Treasury Sec a check every year for estimated taxes and he just deposited the check.
On another note, I am sure that this new tax won’t affect behavior in any way; it never does, does it?
In two years they will be gone..
Every corporation will have their highest paid employees paid by non-French subsidiaries.
I wonder if this applies to non-salaried gains—like capital gains.
The US isn’t so great on taxes, either. While we don’t have a 75% marginal tax rate, we have a 43% marginal tax rate that is augmented in some jurisdictions (think NYC for one) by state and local taxes, bringing the total to 60%. The US also has a world-wide levy—if a Frenchman works somewhere else, he has to deal with the tax authorities in the country where he’s working. US citizens get an exemption for living abroad of roughly $98,000, but have to file a return, and have to pay the higher of the US or the host’s country’s tax rates.
But, did it win approval from the people who really count—The People of France! This just ensures a conservative Government—a Sarkosy comeback or a LePen (or both). The harder the Liberals make it—the more the Conservatives will gain.
Let’s do the math.....someone makes 2-million and would pay 1.5-million in taxes and have 500,000 left. Take a pay cut to 999,999. If the tax rate on this is less than 50%, he’d be ahead of the game......
I suspect that 75% is the marginal tax rate, in other words, every dollar made after the first million is taxed at 75%. It’s not 75% of the total income.
Hello, Mr. Hollande and you tax starved socialists: You hear that gigantic sucking sound as your intended victims move out of France to countries that don’t try to confiscate the wealth of the productive and give it to leeches? Your 75% tax will not succeed and will actually lose money to the treasury. However, I repeat myself. One can never reason with a socialist. Socialists are incapable of doing anything else than stealing from Peter to give it to Paul. The gravy train for Paul runs out when Peter runs our of money or votes with his feet and flees the tax man’s reach.
I don’t see a problem here...these frogs love socialism unless they have to pay for it...
-— Your 75% tax will not succeed and will actually lose money to the treasury. -—
I shouldn’t have been, but I remember being shocked when Obama admitted that it was about redistribution, not revenue generation.
I guess they figure they can just rack up more debt.
Karl Marx is smiling while France dumps on the highest earners, who may very well move away to live elsewhere.
As history has shown, Marxism ruins every nation which adopts it as a governing philosophy.
Thanks mykroar.
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