Skip to comments.French Court Rejects 75 Percent Millionaire's Tax
Posted on 12/29/2012 8:12:40 AM PST by usconservative
(Reuters) - France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.
(Excerpt) Read more at reuters.com ...
So "taxing the rich" was never really about cutting France's deficit - it was really about soaking the rich much like it is here in the United States!
See, France proves that simply "taxing the rich" doesn't solve the problem. They knew it when they instituted the now Un-Constitutional tax - but they did it anyway to make their own "47%" feel better.
I really wonder if any of the Sunday morning talking-head programs are going to pick up on this. Wonder if Rush will when he returns........
Too bad, I would have liked to have seen the results from this tax after a year, most likely collecting less money from far less millionaires.
Take THAT you communist FREAKS!
Now take our guns in the USA! I dares you.
Can we make a trade? One of them for John Roberts and a jurist to be named later.
Very interesting quote from Hitler. Thanks.
There is a tax rate which produces the optimum amount of revenue to the government.
75% is way too high. It will reduce revenue.
They know this on both sides of the Atlantic.
This is a political side show.
I suppose you could say Hitler's Germany was on the Lead Standard. Much like Mao saying, "Political power grows from the barrel of a gun."
Hitler was lying. He needed gold, other people’s gold and when there were no more German’s to strip of their wealth they had to move on to the next country.
take our trials to France....Send obamacare to the French courts.....in fact, send obama.....
how high will the court let it get?
didn’t FDR give us 90% rates?
For example, a household with one income earner of 1.5M or with two individual income earners of 1.2M and 300,000 will pay much more in taxes than a family of two individual income earners of 900,000 and 600,000.
Hollande and French PM Jean-Marc Ayrault already stated that they will fix additional provisions of the law not to violate the "equality" rule in the next revision of the law, so the top marginal rate of 75% will be in place soon enough unless the French tire of losing their rich and famous to Belgium and other places. Ruling doesn't call into question the revenue or deficit targets or the constitutionality of higher rates.
Currently, the top tax rates stand at 57% for income. The Court also lowered the tax on stocks and options from planned 77% to 64.5%, and on the "retraites chapeau" (private retirement benefit income) from planned 78% to 68%.
In addition, the Court nixed the plan to assess the tax on unrealized (!) capital gains - due to requirements of taking into account the ability to pay the tax!
What's interesting is that French Socialists are doing this fully realizing that the tax would not bring desired revenue to combat deficit - they estimate the additional annual collection of just 500M, a negligible amount relative to the deficits.
What is even more interesting is that France is running a deficit of about 4.5% while she is required by ECU to have deficits of no more than 3%.
The U.S. in the last few years has been running the deficits of 7% or more, and is projected to do not much better, absent substantial cuts in federal spending which currently takes up to 25% of GDP.
wow. That is insane. So a 2-earner family will be treated like one really rich person?
That is crazy.
Of course, a U.S. court would find such a tax entirely constitutional. After the contortions in which the Supreme Court engaged to uphold the constitutionality of ObamaCare — the individual mandate was a permissible tax — the government pretty much has been given the authority to do pretty much whatever it wants in taxation.
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