75% tax in France?

Billnew · May 11, 2012

Hollande has promised more government spending and higher taxes including a 75-percent income tax on the rich and wants to re-negotiate a European treaty on trimming budgets to avoid more debt crises of the kind facing Greece. That would complicate relations with Germany's Angela Merkel, who championed the treaty alongside Sarkozy.

In the US, everyone proclaims for taxes, "paying their fair share".

IS 75% their fair share?

Billnew · May 11, 2012

If you went to work, and someone took 3 of every four dollars you earned, would you accept this?
Is it right that the goverment gets a bigger cut then the person that earned it?

I see Frances new export being top earners. Live in France and get 3/4's of earnings taken away, or live in another country and get 33-45% taken away.
Hey, until Obama changes it, Taxes on investments is only 15%.

Some might say 15% isn't their "fair share", but they don't have to invest.

mindlight · May 11, 2012

Billnew said:
If you went to work, and someone took 3 of every four dollars you earned, would you accept this?
Is it right that the goverment gets a bigger cut then the person that earned it?

I see Frances new export being top earners. Live in France and get 3/4's of earnings taken away, or live in another country and get 33-45% taken away.
Hey, until Obama changes it, Taxes on investments is only 15%.

Some might say 15% isn't their "fair share", but they don't have to invest.

I voted 25% cause I tend towards a smaller state. But in practice this number needs working out on the local level. I think only top earners should be paying income tax and that you should probably start the threshold of tax at about 50000 to start with. But then it should be a flat rate with no loop holes on which parasitic accountants and bureaucrats can make a living. If you have a lower rate then that encourages people not to cheat the system and gives incentive for a society of aspiration. Hollande's ideas about tax are seriously deluded and will encourage people to try and beat the system or to emigrate to somewhere they can keep the money they earn.

AlasBabylon · May 11, 2012

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France voted in a socialist because it did not want austerity.

Socialists raise taxes.

I had heard that Merkel and Sarkozy [Germany and France] were
the main two holding the EU/Euro together. How strong is Merkel ?

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mindlight · May 12, 2012

AlasBabylon said:
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France voted in a socialist because it did not want austerity.

Socialists raise taxes.

I had heard that Merkel and Sarkozy [Germany and France] were
the main two holding the EU/Euro together. How strong is Merkel ?

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The reality was that Germany was doing most of the holding together and France was just posturing. But even that is apparently too much for the French voters. If France pursues a contradictory plan to the Germans then the bail out arrangements for Greece and other countries, which are looking shaky, would be in question. This would not mean the end of the Euro or the EU. I see two possible scenarios:

1) It would mean that certain countries would probably be forced to drop out of the Euro arrangment. In the long run the Euro and EU may well be the stronger AND wiser for their departure.

2) The advent of Eurobonds and devaluation of the Euro as a currency and an increase in inflation across the continent.

AlasBabylon · May 12, 2012

mindlight said:
The reality was that Germany was doing most of the holding together and France was just posturing. But even that is apparently too much for the French voters. If France pursues a contradictory plan to the Germans then the bail out arrangements for Greece and other countries, which are looking shaky, would be in question. This would not mean the end of the Euro or the EU. I see two possible scenarios:

1) It would mean that certain countries would probably be forced to drop out of the Euro arrangment. In the long run the Euro and EU may well be the stronger AND wiser for their departure.

2) The advent of Eurobonds and devaluation of the Euro as a currency and an increase in inflation across the continent.

Interesting

Which nations might be forced out of the EU, Greece and who else ?

If that happened, the Euro value would increase ?

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mindlight · May 12, 2012

AlasBabylon said:
Interesting

Which nations might be forced out of the EU, Greece and who else ?

If that happened, the Euro value would increase ?

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This is a guessing game and God only knows.

But in scenario 1 I do not think any countries would be forced out of the EU. However some countries may be forced by economic realities out of the Euro. Initially this would devalue the Euro but in the long run I think the Euro would be a stronger currency this way as it would be more soundly based. Well I would have said that before the French elected Hollande. Now I am no longer sure that France is singing from the same song sheet about the Euro.

But in scenario 2 the French vision of Euro bonds prevails. Then Europe has a licence to print money to pay off its debts. This will seriously devalue the Euro as a currency but no countries would have to leave it in the long run. However the damage to the fiscal credibilty of many European countries would be severe.

AlasBabylon · May 12, 2012

mindlight said:
This is a guessing game and God only knows.

But in scenario 1 I do not think any countries would be forced out of the EU. However some countries may be forced by economic realities out of the Euro. Initially this would devalue the Euro but in the long run I think the Euro would be a stronger currency this way as it would be more soundly based. Well I would have said that before the French elected Hollande. Now I am no longer sure that France is singing from the same song sheet about the Euro.

But in scenario 2 the French vision of Euro bonds prevails. Then Europe has a licence to print money to pay off its debts. This will seriously devalue the Euro as a currency but no countries would have to leave it in the long run. However the damage to the fiscal credibilty of many European countries would be severe.

So, if the French version prevails and the printing presses are turned on,
then the EU becomes another Weimar Republic [economically as well as
morally ?]

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mindlight · May 12, 2012

AlasBabylon said:
So, if the French version prevails and the printing presses are turned on,
then the EU becomes another Weimar Republic [economically as well as
morally ?]

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I doubt if the Germans and others would ever let it get that extreme but it would introduce a lot of inflation into the system and the Euro would be devalued. One could argue that a lower value currency would help European exports and improve its terms of trade as well as eliminating the real value of domestic and national debts. The ones who suffer from such an arrangement are the banks. Given that they have been quite shaky the last few years that is not a totally desirable scenarion either.

Europes moral woes start with the encroaching nihilism and relativism that too many have embraced. I am not yet of the view that this is irreversible, we could yet see a revival of the European churches.

AlasBabylon · May 12, 2012

mindlight said:
Europes moral woes start with the encroaching nihilism and relativism that too many have embraced. I am not yet of the view that this is irreversible, we could yet see a revival of the European churches.

Like the revival of the Orthodox Church in Russia ?

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AlasBabylon · May 12, 2012

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The rise of nationalism in Greece and other areas of Europe
also reminds me of me of what happens after Weimar.

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AlasBabylon · May 12, 2012

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Leftists verses Rightists... again... reminds me of Weimar.

" PARIS (Reuters) - French leftist leader Jean-Luc Melenchon confirmed on Saturday he would challenge his far-right rival Marine Le Pen for a parliament seat attached to her home district, promising a showdown in the small northern town of Henin-Beaumont. "

http :// world.einnews.com/article/95692164

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AlasBabylon · May 12, 2012

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High earners say au revoir to France

" France's high earners feel increasingly unwelcome in a country now led by a man who has admitted: "I don't like the rich." So where are they looking? London. It comes as no surprise while Hollande prepares to raise taxes, over here David Cameron is cutting the 50pc tax rate for income above £150,000 to 45pc. "

High earners say au revoir to France - Telegraph

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bigbadwilf · May 13, 2012

Meanwhile, for those who actually read more than the initial quote, the tax rate of 75% would be levied on incomes of over EUR 1,000,000 per year (= about $1.3 million), so you get taxed at the ordinary rate for your first $100,000 per month but have to pay a higher rate after that.

To be honest I'd be happy to pay the tax, just as long as I earned enough to qualify for it.

Kalevalatar · May 13, 2012

Voted 99%

And why not, if posters here are silly enough to believe 75% will ever see the light of the day...

AlasBabylon · May 14, 2012

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EU = Weimar ?

" The situation in the euro zone has become so bleak that it is giving rise to the most improbable rumours.
The latest to make the rounds of European hedge fund managers suggests that the euro will be tied to
the dollar at close to parity, a dramatic fall from its current level of just under $1.30 and one that
would involve the printing of hundreds of billions of euros. "

News Headlines

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Billnew · May 14, 2012

Kalevalatar said:
Voted 99%

And why not, if posters here are silly enough to believe 75% will ever see the light of the day...

Are you saying more or less then75?

bigbadwilf said:
Meanwhile, for those who actually read more than the initial quote, the tax rate of 75% would be levied on incomes of over EUR 1,000,000 per year (= about $1.3 million), so you get taxed at the ordinary rate for your first $100,000 per month but have to pay a higher rate after that.

To be honest I'd be happy to pay the tax, just as long as I earned enough to qualify for it.

So if you earn less then a million, you get taxed at the lower rate, but after a million you get 1/4 of what you earn.

USA welcomes all the exported millionaires from France.

I do like the person that said if they qualified for it, they would be happy to pay it.
I can't say no matter how much money I got, that I would be happy to give 3/4's to the goverment.

Oliver · Jun 11, 2012

Billnew said:
So if you earn less then a million, you get taxed at the lower rate, but after a million you get 1/4 of what you earn.

No. It's more like: if you earn less then a million, you get taxed at the lower rate, but after a million you get 1/4 of what you earn in excess of this million. The first million still gets taxed at the lower rate (Actually, the tax rate isalready progressive, so this "lower tax rate" is already made up of several rates applied gradually to increasing ranges of income. the proposal is just to add another level of tax rate over 1 million euros).

75% tax in France?

What is a persons fair share in National income tax?

25%

50%

75%

anything the country's leaders decide.

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