French President wants to tax millionaires at 75% of their income- too much?

[QUOTE="Boddicker"]

France is a fairly socialist country I believe. It's all about redistribution of wealth. Here in America the tax rate for millionaires is around %50. Obama wants to raise it. Kind of makes the "American Dream" pointless.

-Sun_Tzu-

I was mistaken. I had always been told it was nearer to 50%, but you're right.

I hate the increasing wealth inequality trend going on, but France is just buying itself a coffin with this plan.

If you tax the rich too much they will try to take control of the government. dkdk999

[QUOTE="leviathan91"]

Hey wait a minute...

Why didn't Obama suggest that the rich French people come over to the states... :|

He's a socialist! :o

Super-Mario-Fan

Goes to show you just how paranoid American conservatives really are. Obama is center-right by European standards.

Obama's a dirty socialist sodomizing socialist liberal.

Rush Limbaugh said so and he's always right.

[QUOTE="dkdk999"]If you tax the rich too much they will try to take control of the government. -Sun_Tzu-

If you tax the rich too much they will try to take control of the government. dkdk999

What!? Ever heard of Fidel Castro or Jim Kong Un? I wouldn't be surprised if the French president was rich (or living a lavish lifestyle).

[QUOTE="MannyDelgado"][QUOTE="Shottayouth13-"]

Holy sh*t that's a lot. That's completely unfair; I'm sure those millionaires work quite hard for their money.

Dynafrom

That seems like a wonderful way to throttle production.famicommander

Always works.

Do keep in mind that a lot of millionnaires earn most of their money through other ways than personal income that will be taxed in this manner (stocks and such).

Making people not want to be successful is all the rage now in the west.

Pirate700

Precisely. Why reward success when it goes against the tenets of our ultra-liberal president, who wants to talk about taxing producers more while ignoring that half the country pays no federal tax at all -- zero?

To be truthful, there are plenty of millionaires who don't exactly work proportionally to their wage. Taxes like this are necessary step to reduce the rich-poor gap

France is a fairly socialist country I believe. It's all about redistribution of wealth. Here in America the tax rate for millionaires is around %50. Obama wants to raise it. Kind of makes the "American Dream" pointless.

Boddicker

too high of a tax rate, even for the super rich .

To be truthful, there are plenty of millionaires who don't exactly work proportionally to their wage. Taxes like this are necessary step to reduce the rich-poor gap

Overlord93

Conversely, there are a lot of people who pay no federal tax at all. What about those people?

To be truthful, there are plenty of millionaires who don't exactly work proportionally to their wage. Taxes like this are necessary step to reduce the rich-poor gap

Overlord93

And there are poor people that do nothing but take drugs and take advantage of the welfare state. We should tax them too.

There will always be a gap between the rich and poor. It's just a matter of getting rid of policies that favor one over the other (mainly the rich) and allowing those at the bottom to rise.

I think it is more morally wrong to have people earning 1 million dollars a year while others struggle to eat. So 75% tax is a good start. A more equal society is more moral and has less social problems.kuraimen

Assuming the vast majority won't just move their wealth out of the country. I have a hard time seeing such a high tax rate on income over a million being very effective. Someone with business sense would probably know to move their money out of France.

It's probably 75% of what they make above a certain level. But regardless, that's a little excessive. I dont have a problem with progressive tax rates, but they should be reasonable. Once you start getting that high, there's almost no incentive to invest or make additional income.

[QUOTE="Boddicker"]

France is a fairly socialist country I believe. It's all about redistribution of wealth. Here in America the tax rate for millionaires is around %50. Obama wants to raise it. Kind of makes the "American Dream" pointless.

-Sun_Tzu-

Dumb. That isn't even socialist... that's theft. It should be a flat tax rate across the board. You make $20,000? You pay $4,000 tax. You make $1,500,000? You pay $300,000. Everyone pays 20% (or whatever works) regardless of income, no loopholes, no "minimum" bullsh!t.Zeviander

Isn't it 75% of income over 1million ? horgen123

It's probably 75% of what they make above a certain level. But regardless, that's a little excessive. I dont have a problem with progressive tax rates, but they should be reasonable. Once you start getting that high, there's almost no incentive to invest or make additional income.

sonicare

[QUOTE="kingkong0124"]

The sad thing is, I remember reading several comments on OT in support of this clown of a president the day he got elected...

MrPraline

Also at least Sarkozy signed that concordat recognizing degrees giving by Catholic universities (though to be honest I'm not sure what that all means).

As a french person and an economist, I find this completely idiotic. It's not as if the french entrepreneurial spirit was low enough. Why should people start an innovative and potentially successful company in France when they'll be taxed 75% if they can just move a few hundred kilometers away and be taxed much less? My father (an entrepreneur) is already thinking of moving to London, and there is absolutely no chance I will be starting my own company in Paris.Mochyc

Sounds like a good start. Should back it up with some South Koreaneque laws to prevent capital flight.

For those wondering captical flight is a captical offence is South Korea.

That's lower than the rate that the top tax bracket was taxed at in most prosperous point in US history, so no, not really.

It's only fair if everything is a flat tax. Even with a consistent percentage the rich still pay way more. In Canada the rich give up 48%. the poor give up like 18%. How is that fair?wii60_3

They pay the same same 18% on the initial however many thousand dollars that poor people pay. Then they pay the amount that middle class people would pay one the next few thousand. Then the amount that the upper middle class would pay on the next few thousand. They only pay that 48% on money that they make over the tax bracket amount. So if the 48% starts at $300,000 then they only pay 48% on any money they make over $300k.

If you tried to eliminate that and make it like 33% across the board then you would crush the poor. $6600 means a lot more to someone making $20,000 a year then $660000 means to someone making $2,000,000.

I have always wonders...What happens when you tax the rich this high?

Doesn't that leave them in a post-tax state of being NOT super rich anymore?

For example, take a guy making $99,999 a year versus a guy making $100,001 per year. (Assuming the tax bracket changes right at $100,000) The guy making less per year actually winds up with substanitally more take home or after tax money right?

How the hell does that make any sense? I know this is a very simplistic way of expressing it, but it sounds way too fvcked up for my brain.

Do things like this happen or is the change in between brackets much more gradual than I am thinking?

I have always wonders...What happens when you tax the rich this high?

Doesn't that leave them in a post-tax state of being NOT super rich anymore?

For example, take a guy making $99,999 a year versus a guy making $100,001 per year. (Assuming the tax bracket changes right at $100,000) The guy making less per year actually winds up with substanitally more take home or after tax money right?

How the hell does that make any sense? I know this is a very simplistic way of expressing it, but it sounds way too fvcked up for my brain.

Do things like this happen or is the change in between brackets much more gradual than I am thinking?

danjammer69

Not how it works. The guy only pays the 75% on the one dollar over the million.

I have always wonders...What happens when you tax the rich this high?

Doesn't that leave them in a post-tax state of being NOT super rich anymore?

For example, take a guy making $99,999 a year versus a guy making $100,001 per year. (Assuming the tax bracket changes right at $100,000) The guy making less per year actually winds up with substanitally more take home or after tax money right?

How the hell does that make any sense? I know this is a very simplistic way of expressing it, but it sounds way too fvcked up for my brain.

Do things like this happen or is the change in between brackets much more gradual than I am thinking?

danjammer69

UK ftw....

[QUOTE="Boddicker"]

France is a fairly socialist country I believe. It's all about redistribution of wealth. Here in America the tax rate for millionaires is around %50. Obama wants to raise it. Kind of makes the "American Dream" pointless.

-Sun_Tzu-

Definitely too high.

Not how it works. The guy only pays the 75% on the one dollar over the million.

Guybrush_3

Nope. If the tax bracket changes at $100K, then you will pay the higher tax rate only on earnings above $100K. In this example both guys would pay the same amount of tax up until $99,999 while the other would pay the higher rate of tax on the other $2.Crunchy_Nuts

If the two of you are talking about taxes here in the US, then both of y'all are wrong.

[QUOTE="Guybrush_3"]

Not how it works. The guy only pays the 75% on the one dollar over the million.

WhiteKnight77

Nope. If the tax bracket changes at $100K, then you will pay the higher tax rate only on earnings above $100K. In this example both guys would pay the same amount of tax up until $99,999 while the other would pay the higher rate of tax on the other $2.Crunchy_Nuts

If the two of you are talking about taxes here in the US, then both of y'all are wrong.

No we aren't

[quote="WhiteKnight77"]

If the two of you are talking about taxes here in the US, then both of y'all are wrong.

Guybrush_3

No we aren't

Then you miss this part on the Tax Table where those figures come from:

The Tax Rate Schedules are shown so you can see the tax rate that applies
to all levels of taxable income. Do not use them to figure your tax. Instead,
see the instructions for line 44.IRS

Source

If you figure the percentages out, someone paying taxes on $100,000 is only paying 21.6% while the person paying taxes on $100,001 is paying 28%.

Just looking at the Tax Computation Worksheets shows you what people are paying over X dollars depending on if you are filing single, married jointly, married separately or head of household.