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  1. #1
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    Default France plans savage 75% tax rate for top earners



    France plans savage 75% tax rate for top earners as the rich vow to desert country if it goes ahead

    France's highest earners are preparing to leave the country if Francois Hollande hikes up the top rate of tax.

    One Paris law firm says it has been inundated with calls from wealthy businessmen asking if they should leave France if the socilaist President Francois goes ahead with his promise to introduce a 75 per cent tax rate on income above one million euros.

    Vincent Grandil, partner of Altexis, which specialises in tax law, admitted his company has been receiving concerned calls from high earners since the French President's tax announcement.

    He told the New York Times: 'We're getting a lot of calls from high earners who are asking whether they should get out of France.



    'Even young, dynamic people pulling in 200,000 euros are wondering whether to remain in a country where making money is not considered a good thing.'

    The feeling of unease among France's top earners comes after Hollande became the country's first socialist president since Francois Mitterrand in the 1980s.

    His 75 per cent tax proposal to 'get the country back on its feet again' will be debated when parliament resumes in September.

    Hollande has vowed to reduce France's budget deficit from 4.5 per cent of the nation's gross domestic product to 3 per cent next year.

    The tax would effect around 30,000 workers out of the country's population of 65million.

    Mr Grandil continued: 'French people have an uncomfortable relationship with money. Here, someone who is a self-made man, creating jobs and ending up as a millionaire, is viewed with suspicion. This is big cultural difference between France and the United States.'

    He added that a lot of companies are now looking at moving their high-paid executives out of France to avoid the new tax.

    It remains to be seen how many people will jump ship to avoid the tax measures but former Victoria's Secret model Laetetia Casta, the restaurateur Alain Ducasse and the singer Johnny Hallyday have already left the country.
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
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  3. #3
    Atomic Punk
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    Ha! They should come over here - our government persists in slashing the tax payable by top earners so that, in fact, proportionately speaking, their tax burden is now considerably less than those in the low / middle income bracket.

    It's always the f***ing same: if you're on benefits, you don't pay much tax at all, generally speaking; if you're seriously wealthy, it doesn't impact upon you too much - and you can afford an accountant to ensure it doesn't, by finding various loopholes and tax-havens where your cash is safe - but, if you're a hard-working person just keeping your head above water, Mr or Mrs Average, then you can expect to be battered by the tax system.

    I'm sorry but it makes me sick.

    Financial experts reckon that if time, energy and a bit of money was ploughed into dealing with tax evasion by wealthy UK residents, the country would be quids-in. But, strangely enough, the politicians won't do it...I wonder why...Could it be that not only are they top-earners themselves but that they are, predominantly speaking, spoilt little rich boys with vast amounts of inherited wealth that they wish to keep hidden away as much as possible? Surely not...
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  4. #4
    Eruption zoident's Avatar
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    01.15.16 @ 10:42 PM
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    Quote Originally Posted by dibblekins View Post
    Ha! They should come over here - our government persists in slashing the tax payable by top earners so that, in fact, proportionately speaking, their tax burden is now considerably less than those in the low / middle income bracket.

    It's always the f***ing same: if you're on benefits, you don't pay much tax at all, generally speaking; if you're seriously wealthy, it doesn't impact upon you too much - and you can afford an accountant to ensure it doesn't, by finding various loopholes and tax-havens where your cash is safe - but, if you're a hard-working person just keeping your head above water, Mr or Mrs Average, then you can expect to be battered by the tax system.

    I'm sorry but it makes me sick.

    Financial experts reckon that if time, energy and a bit of money was ploughed into dealing with tax evasion by wealthy UK residents, the country would be quids-in. But, strangely enough, the politicians won't do it...I wonder why...Could it be that not only are they top-earners themselves but that they are, predominantly speaking, spoilt little rich boys with vast amounts of inherited wealth that they wish to keep hidden away as much as possible? Surely not...
    yes so true mr or mrs AVERAGE will always be battered.

  5. #5
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by zoident View Post
    yes so true mr or mrs AVERAGE will always be battered.
    Mr or Mrs Average complain too much about their taxes. Sad reality is very few of us pay our fair share.

  6. #6
    Atomic Punk Dave's Dreidel's Avatar
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    12.15.17 @ 03:13 PM
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    A 75% tax rate is just ridiculous.

    And before anyone posts it, I know, we have in the past had higher top marginal rates in the US.

    Those were ridiculous too.

    Taxes should never be so high that they encourage people to leave your country.
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  7. #7
    Eruption zoident's Avatar
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    01.15.16 @ 10:42 PM
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    Quote Originally Posted by It's Mike View Post
    Mr or Mrs Average complain too much about their taxes. Sad reality is very few of us pay our fair share.
    all the "average" people i know go do their taxes and pay what they are told to pay..they only complain because they know the 1% does not pay their fair share!

  8. #8
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by zoident View Post
    all the "average" people i know go do their taxes and pay what they are told to pay..they only complain because they know the 1% does not pay their fair share!
    "the 1% doesn't pay their fair share" looks nice on a bumper sticker but it's really not a solid position in reality most of the time.

  9. #9
    Eruption zoident's Avatar
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    Quote Originally Posted by It's Mike View Post
    "the 1% doesn't pay their fair share" looks nice on a bumper sticker but it's really not a solid position in reality most of the time.
    if you think the rich pay their fair share more power to you!!
    maybe in canada?

  10. #10
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by zoident View Post
    if you think the rich pay their fair share more power to you!!
    maybe in canada?
    Here's what most people think: "other people should pay more". What's rich? And what's their "fair share"?

    The average person doesn't pay nearly enough in taxes to cover their per capita cost of government. That's just the reality. And that's fine, people should just stop complaining.

  11. #11
    Atomic Punk Dave's Dreidel's Avatar
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    Quote Originally Posted by zoident View Post
    all the "average" people i know go do their taxes and pay what they are told to pay..they only complain because they know the 1% does not pay their fair share!
    That is 100% fucking bullshit.

    The 1% pay more than their fair share, you have no fucking idea what you are talking about.

    The Top 1% pays roughly the same amount as the Bottom 90%.

    In 2009, the Top 1% paid 36.7% of federal individual income tax collected. But that isn't fair?

    The Top 0.1% paid 17.11% of federal income tax collected.

    Do you want me to go on, or do you want to keep spouting your left wing class warfare bullshit?

    Maybe if you weren't getting high all the fucking time, you might have more money to spend.

    Just a thought.
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  12. #12
    Eruption zoident's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    That is 100% fucking bullshit.

    The 1% pay more than their fair share, you have no fucking idea what you are talking about.

    The Top 1% pays roughly the same amount as the Bottom 90%.

    In 2009, the Top 1% paid 36.7% of federal individual income tax collected. But that isn't fair?

    The Top 0.1% paid 17.11% of federal income tax collected.

    Do you want me to go on, or do you want to keep spouting your left wing class warfare bullshit?

    Maybe if you weren't getting high all the fucking time, you might have more money to spend.

    Just a thought.
    Let's leave aside the question of fairness, for now. The paramount question is whether the United States is generating the revenue it needs to fund the public structures that are essential for business and individual prosperity—things like transportation networks, schools, healthcare, college, and many other important functions of government in a capitalistic society. By any indicator the answer is that the United States is falling short in providing both the revenue to fund these services as well as providing for their ongoing maintenance and modernization.
    federal tax revenue.... is lower than it has been in half a century. The federal government's revenues from income taxes on households make up 6.4 percent of GDP; which is 1.1 percentage points lower than half a century ago, and 3.8 percentage points lower than the peak in the boom year of 2000. Our current tax revenues are not only low relative to historical levels, but they rank low internationally as well. Our total tax revenues, including federal, state, and local taxes, comprise 27 percent of GDP, a level far lower than most of our peers in the developed world. In fact, among the 33 nations of the Organisation for Economic Co-operation and Development, only three (Korea, Turkey, and Mexico) take in proportionately less tax revenue than we do.
    And so we come to the question of whether the richest in America are paying their fair share. The reality is that the steep fall in federal tax revenue was caused largely by cuts in the tax rates for the very wealthiest households. The current marginal tax rate for the highest income bracket—in other words, the tax rate on income above a threshold for the wealthiest taxpayers—of 35 percent is among the lowest since WWII, far lower than the 80 percent rate during the high-growth 1960s and the 39.6 percent rate of much of the 1990s. Of course, most rich households do not pay the published rate—after taking into account deductions and other big tax benefits, the actual percentage of a rich household's entire income paid in taxes has also fallen precipitously, dropping from 31.3 percent for millionaires in 1993 to 22 percent today.

    So, no, the rich are not paying their fair share of taxes!!!—neither as defined by historical American norms or by international standards. And, the result of that shirking of responsibility is sluggish growth, diminished social mobility, declining educational attainment, and lost business efficiencies due to our insufficient and often outdated transportation and information networks.

    "Maybe if you weren't getting high all the fucking time, you might have more money to spend" btw on that part you are CORRECT!

  13. #13
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    All this bullshit about the rich not paying enough taxes is all trumped up to get the uneducated windbags in this country fired up against the evil rich republicans. In reality the rich do pay their "fair share" but average Joe American Liberal asshole won't be happy until the "rich" are torn down and living on the streets. It's more about wanting the rich in this country to feel what the poor feel.
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  14. #14
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by zoident View Post
    Let's leave aside the question of fairness, for now. The paramount question is whether the United States is generating the revenue it needs to fund the public structures that are essential for business and individual prosperity—things like transportation networks, schools, healthcare, college, and many other important functions of government in a capitalistic society. By any indicator the answer is that the United States is falling short in providing both the revenue to fund these services as well as providing for their ongoing maintenance and modernization.
    i think the expense line of the ledger is the bigger issue (it certainly is up here).

  15. #15
    ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ Number 47's Avatar
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    Quote Originally Posted by zoident View Post
    Let's leave aside the question of fairness, for now. The paramount question is whether the United States is generating the revenue it needs to fund the public structures that are essential for business and individual prosperity—things like transportation networks, schools, healthcare, college, and many other important functions of government in a capitalistic society. By any indicator the answer is that the United States is falling short in providing both the revenue to fund these services as well as providing for their ongoing maintenance and modernization.
    federal tax revenue.... is lower than it has been in half a century. The federal government's revenues from income taxes on households make up 6.4 percent of GDP; which is 1.1 percentage points lower than half a century ago, and 3.8 percentage points lower than the peak in the boom year of 2000. Our current tax revenues are not only low relative to historical levels, but they rank low internationally as well. Our total tax revenues, including federal, state, and local taxes, comprise 27 percent of GDP, a level far lower than most of our peers in the developed world. In fact, among the 33 nations of the Organisation for Economic Co-operation and Development, only three (Korea, Turkey, and Mexico) take in proportionately less tax revenue than we do.
    And so we come to the question of whether the richest in America are paying their fair share. The reality is that the steep fall in federal tax revenue was caused largely by cuts in the tax rates for the very wealthiest households. The current marginal tax rate for the highest income bracket—in other words, the tax rate on income above a threshold for the wealthiest taxpayers—of 35 percent is among the lowest since WWII, far lower than the 80 percent rate during the high-growth 1960s and the 39.6 percent rate of much of the 1990s. Of course, most rich households do not pay the published rate—after taking into account deductions and other big tax benefits, the actual percentage of a rich household's entire income paid in taxes has also fallen precipitously, dropping from 31.3 percent for millionaires in 1993 to 22 percent today.

    So, no, the rich are not paying their fair share of taxes!!!—neither as defined by historical American norms or by international standards. And, the result of that shirking of responsibility is sluggish growth, diminished social mobility, declining educational attainment, and lost business efficiencies due to our insufficient and often outdated transportation and information networks.

    "Maybe if you weren't getting high all the fucking time, you might have more money to spend" btw on that part you are CORRECT!
    How about in your own words to prove that you understand what you cut and pasted.

 

 

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