Last I heard, Hollande was talking about raising the top tax rate to 70%. I think Obama is talking about restoring it to the the pre-Bush tax cut rate of 39.5%
When things fall apart and France’s government try to take over all elements of society there will be want and riots. Look to see students rise first—then labor unions. I give him a year.
It is actually 75% from what is now 41% but it is far uglier than that simple ingot. http://en.wikipedia.org/wiki/Taxation_in_France
By your reference to the 39.5% as a comparison you seem to imply that is no big deal. What you miss is all of the regulations that are a hidden tax on all producers and especially consumers. You must remember one inescapable fact, corporations don’t pay taxes, their customers do. Taxes are a cost of doing business, period. So when you advocate a little raise in the upper rates in this country, you are in essence advocating for a tax in crease on everything you buy.
All the while, the fixed income tax rate in Russia for individuals is a flat 13%, and look how their economy is doing. The maximum for business is 20% but that is not important enough for the press to report now, is it?
http://www.worldwide-tax.com/russia/russia_tax.asp
Last I heard, Hollande was talking about raising the top tax rate to 70%. I think Obama is talking about restoring it to the the pre-Bush tax cut rate of 39.5%
Yes, Obama's going to raise taxes by letting the Bush tax cuts expire. Raising them beyond this level would require the cooperation of Congress and while I have no doubt Boehner would eventually sell out the American people, he won't at first. This means the most Obama can do is raise personal, cap gains, and dividend taxes.
Don't think for a minute that Obama wouldn't raise taxes past the 70% mark. People forget, but that's where taxes were before Reagan. Before the Kennedy tax cuts, they were in the 90% range.