France plans to implement 75% tax bracket on the rich

[cyberdude558]

If you thought your taxes were high, you may want to think again.

The newly elected Socialist Party in France is poised to institute a major tax hike on the nation's wealthiest. To help pay down the country's debt, French President Francois Hollande wants to raise taxes on citizens earning more than $1.23 million a year by increasing the income tax rate from 48 percent to 75 percent.  The French Parliament will take up the issue in September.

Hollande's tax hike on the rich was part of his presidential campaign platform. There are a number of experts - in France and the U.S. - who are skeptical that raising taxes on the wealthy will reduce the country's fiscal burden.

"France is headed into a recession, if it is not in one already," says former Republican presidential candidate Steve Forbes in the accompanying interview. "Piling on new taxes when you have a contracting economy, that is lethal. That is poison."

There is no question that a top tax rate of 75 percent is very high. But many countries in Europe already have a tax rate of 50 percent or more.

Here at home, however, the top tax rate pales in comparison at 35 percent. And right now there is a fierce political battle over whether to increase the top tax rate from 35 percent to 39.6 percent — a level not seen since the Clinton administration. It's important to note that the U.S. experienced economic prosperity during the Clinton administration -- even with high corporate and individual tax rates.

Tax Matters: Obama vs Romney

President Barack Obama would like to extend the Bush-era income tax cuts, which are set to expire at the end of the year, for 98 percent of Americans. But he would let them expire on the wealthiest Americans who make more than $250,000 annually. Obama also wants Americans making more than $1 million a year to pay a tax rate of at least 30 percent.

Republican presidential candidate Mitt Romney, on the other hand, wants to reduce everyone's taxes by 20 percent, which the nonpartisan Tax Policy Center found would benefit the wealthy and hurt America's lowest earners.

Forbes, an advocate of lower taxes, says Romney's plan is a step in the right direction. He's also a long-time supporter of a flat-tax.

http://finance.yahoo.com/blogs/daily-ticker/tax-rates-u-highest-world-183946787.html

[Biggs3535]

That probably still wouldn't be close to their "fair share".

[Chief Joseph]

Yeah, but think of how many votes that money could buy the party.

[spartan]

I guess we will see soon if taxing the crap out of someone rally does alter their behavior or not.

[Chief Joseph]

They're already taking half of what you make, now they want half of what you've got left. Time to move. The exodus of capital will soon be on, with no new incoming investors. Good luck, ya' cheese eatin' surrender monkeys.

[caradoc]

They tax their wealthier at a much higher rate than us, they must not have any debt issues.  I mean, we have our debt issues because the rich here aren't paying enough, right?  Just raise the rates and everything is good...

[Tobias Funke]

They're already taking half of what you make, now they want half of what you've got left. Time to move. The exodus of capital will soon be on, with no new incoming investors. Good luck, ya' cheese eatin' surrender monkeys.

That last sentence had me doubled over at work today, especially considering I work on International Drive in Orlando and there has been an unusual amount of French folks here this past week and literally 95% of them are infuriatingly and unnecessarily rude. That 5% is including Mickael Pietrus though. He was a nice guy the last time I met him.

[SnookAU]

Sounds about as dumb as cutting taxes then starting 2 endless wars on a noun. 

[Dolorous Jason]

Sounds about as dumb as cutting taxes then starting 2 endless wars on a noun.

That was dumb also , admittedly.

Although that at least hadn't been tried before. How many times has class warfare and oppressive taxation in the name of socialism been tried , and failed miserably ??...yet some people still think it works. You know that definition of insanity...

[SnookAU]

Sounds about as dumb as cutting taxes then starting 2 endless wars on a noun.

That was dumb also , admittedly.

Although that at least hadn't been tried before. How many times has class warfare and oppressive taxation in the name of socialism been tried , and failed miserably ??...yet some people still think it works. You know that definition of insanity...

We've already had class warfare on the middle class. But the politicians in this country would rather have everyone believe they're a one percenter.

[BucNY]

All the tax the rich stuff just seems like envious people whining that someone else is smarter, harder working, or just got plain lucky. What I don't get is why everyone is yelling tax the rich, tax the rich but no one is yelling tax the people who don't claim their income.

I do not think more tax revenue is anything but a short term fix but it would seem logical to have every pay the same percentage of tax. Wouldn't that then be considered a fair share? Rather than tax the honest people to death and oh by the way almost 50% of the population pays zero tax.

Nope, he's got a bigger house than me, no fair, tax him, he's greedy.

[McBarron]

All the tax the rich stuff just seems like envious people whining that someone else is smarter, harder working, or just got plain lucky. What I don't get is why everyone is yelling tax the rich, tax the rich but no one is yelling tax the people who don't claim their income.

I do not think more tax revenue is anything but a short term fix but it would seem logical to have every pay the same percentage of tax. Wouldn't that then be considered a fair share? Rather than tax the honest people to death and oh by the way almost 50% of the population pays zero tax.

Nope, he's got a bigger house than me, no fair, tax him, he's greedy.

C'mon.......a fair tax makes way too much sense. No way the House and the Senile (err....Senate) would go for anything that makes sense. They don't want their 11% approval rating to improve.

[dbucfan]

If there was even an indication that spending was being brought under minimal control I suspect few would complain about taxes.  But to offer higher taxes on 1-5% highest earners as a solution without some spending control is ludicrous - worse than pissing into the wind

[Brahmal]

All the tax the rich stuff just seems like envious people whining that someone else is smarter, harder working, or just got plain lucky. What I don't get is why everyone is yelling tax the rich, tax the rich but no one is yelling tax the people who don't claim their income.

I do not think more tax revenue is anything but a short term fix but it would seem logical to have every pay the same percentage of tax. Wouldn't that then be considered a fair share? Rather than tax the honest people to death and oh by the way almost 50% of the population pays zero tax.

Nope, he's got a bigger house than me, no fair, tax him, he's greedy.

You should research your "beliefs" more thoroughly.  Theres a condition called "Stockholm Syndrome" that you are obviously suffering from. 

[Brahmal]

If there was even an indication that spending was being brought under minimal control I suspect few would complain about taxes.  But to offer higher taxes on 1-5% highest earners as a solution without some spending control is ludicrous - worse than pissing into the wind

The time to balance budgets is during the boom times, not the lean times.  Europe is learning this the hard way, that austerity is not the way to recover from a recession. 

And in case you didn't know, only 3% of small business owners have more than $250K in take-home income.