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Thousands Of French Households Taxed 100%

#1 User is offline   azjetfan Icon

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Posted 21 May 2013 - 10:50 AM

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More than 8,000 French households' tax bills topped 100 percent of their income in 2012, according to a French newspaper report.

Citing data from France's finance ministry, the business newspaper Les Echos reported on Friday that in addition to those taxed at over 100 percent last year, almost 12,000 households paid taxes worth more than 75 percent of their 2011 income and that a further 9,910 households were taxed at more than 85 percent of their income.

The paper said this was due to a one-off levy imposed on the 2011 incomes of households with assets of more than 1.3 million euros ($1.67 million) . The surcharge was introduced by socialist President Francois Hollande in an attempt to offset the cost of a rebate scheme and taxation cap introduced by former President Nikolas Sarkozy, the paper added.

(Read More: France Says It Is Not Anti-Business )

"In 2011, 5,221 households had a tax rate of more than 100 percent on their revenues, Some 6,203 households had a rate of more than 85 percent and 6,343 house holds a rate of more than 75 percent," the newspaper said but households could take advantage of a "tax shield" introduced by Sarkozy to cap an individual's overall taxation at 50 percent of their income.

Last year, for the first time in 25 years, Les Echos reported, that cap was removed which "substantially increased [the tax rates'] impact."

President Francois Hollande's government back-tracked in 2012 over a proposed 75 percent tax rate on earnings over 1 million euros that he had pledged to introduce when he came to power.

(Read More: Hollande One Year On: French-Bashing and 'Communism' )

The country's Constitutional Council said such a high income rate was unfair and could be viewed as confiscatory, suggesting that the government should deflect it onto companies instead, in turn causing uproar in the business world .

Jennifer McKeown, senior European economist at Capital Economics told CNBC that the surcharge highlighted the fact that Hollande was not ready to ease his stance towards the country's wealthiest.

"I think it emphasizes that, despite the fact that the controversial "millionaires' tax" has been watered down, Hollande's policies are still targeting wealthy households," McKeown told CNBC on Monday.

"The impact on consumer spending should be reduced by the fact that these households' propensity to spend out of their income tends to be relatively low. But with unemployment very high and rising, average income households also have little reason to spend. And there is a risk that France's 'tax the rich' policies cause it to lose some high earners and even entire successful businesses to overseas, which it really needs to boost its productivity," she added.

France last week reported an economic contraction of 0.4 percent in the first quarter, compared to the same period a year-ago.

http://finance.yahoo...gccmt-container

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#2 User is offline   Mr_Jet Icon

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Posted 21 May 2013 - 03:33 PM

So basically the conservatives in France spent most of the last decade f***ing up the country's economy and left it up to the new progressive president to fix it and so he decides to tax the people who benefited most from the Chirac (who stole public funds BTW)/Sarkozy years.

View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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#3 User is offline   azjetfan Icon

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Posted 21 May 2013 - 05:24 PM

View PostMr_Jet, on 21 May 2013 - 03:33 PM, said:

So basically the conservatives in France spent most of the last decade f***ing up the country's economy and left it up to the new progressive president to fix it and so he decides to tax the people who benefited most from the Chirac (who stole public funds BTW)/Sarkozy years.

I thought that would get you going.
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#4 User is offline   Mr_Jet Icon

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Posted 21 May 2013 - 06:16 PM

View Postazjetfan, on 21 May 2013 - 06:24 PM, said:

I thought that would get you going.


I don't know about get me going. The voters in France knew he (President Hollande) proposed doing this before the election so I doubt it comes as a shock to them. I'm sure the millionaires and billionaires in France will be alright. I'd bet they have money in Swiss banks and other tax havens. They'll be fine.

View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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