France seeks top 75 income tax-one would reduce us defitict 48%

Discussion in 'Politics' started by shock, Sep 29, 2012.

  1. shock
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    shock BANNED

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    (let's put a couple of articles together and ask a question)

    FRANCE TO SEEK 75% INCOME TAX FOR TOP EARNERS
    ============================

    France raises taxes for top earners


    AP

    Friday, 28 September 2012



    The French government is to introduce a 75% income tax rate for top earners as part of what it called a “fighting budget” to boost jobs and help growth.



    But critics said it lacked fundamental reforms that could jumpstart economic growth.

    President Francois Hollande's cabinet defended the spending plan for next year, saying it would win the "battle" against joblessness.

    Like many European countries, France must tread a fine line between cutting the debts that dragged them into the financial crisis and investing in the economy to spur growth.

    The French economy, the second largest among the 17 countries that use the euro, has not grown for three straight quarters, the national statistics agency confirmed today. Unemployment has been on the rise for more than a year and stands at 10.2%.

    Economists warn, however, that things could get much worse in France if it does not get serious about slashing state spending and reforming stringent labour laws.

    "This is a serious budget, it's a leftist budget and it's fighting budget," Finance Minister Pierre Moscovici told French radio.

    Because Mr Hollande promised that he would slash the country's deficit to 3% next year - a limit required by European rules - the government must find 30 billion euro (£24bn) in savings. One-third will come in spending cuts, with the rest in new or higher taxes on the wealthy and big companies, including a 75% tax on incomes over one million euro (800,000).

    Among the other measures included are: a new income tax level at 45% for those making more than 150,000 euro (£120,000), an increase of capital gains taxes to bring them more in line with how salaries are taxed, and a cap on certain deductions for large companies on their income taxes.

    ***"


    ============================================


    ABC NEWS
    September 28, 2012

    What Would France’s 75 Pct Tax Rate Look Like in US?


    "***


    How much money would a 75 percent tax rate for people with incomes over $1 million earn in the U.S.?


    ***



    If the U.S. were to tax 75 percent of millionaires’ entire incomes, not just their income over $1 million, that would yield around $532 billion in tax revenue, he said.


    McBride points out that such a tax rate here would make
    *** a 48 percent dent in the nation’s deficit, which is expected to reach $1.1 trillion this year, the Congressional Budget Office said in August. And that still would not pay down by one dime the $16 trillion plus national debt.

    ***

    The top marginal tax rate in the US has ranged from
    a high of 94 percent during World War II
    to 91 percent from 1950 to 1963
    then gradually falling to the current rate of 35 percent.

    ***"
    =================================================================================

    So, if we followed France's lead and succeeded in raising income tax not on our one time high of 94%

    but to only 75% of millionaires' entire incomes we could
    reduce
    by 48%
    our current deficit.

    Then, by placing a sales tax on stock market transactions
    we might do away with the remaining deficit and start paying off some of our staggering national debt.

    But then,
    dear hearts and gentile* people,
    one of these days
    you or yours are going to have income in the millions of dollars each year
    and you or yours are going to get even richer
    by becoming a stock market player
    and so you wouldn't support such taxes,

    would you?
    ***

    * ("Only gentiles and damned fools pay retail": old friend Leland Wolfe.)

    (Whatever happened to Gladstone's assertion that we should let the broadest backs bear the greatest burden?)
     
  2. CrusaderFrank
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    CrusaderFrank Diamond Member

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    What Would France’s 75 Pct Tax Rate Look Like in US?

    [​IMG]
     
  3. xsited1
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    xsited1 Agent P

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    It'll be interesting to see how many millionaires leave France over their new tax laws.
     
  4. OKTexas
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    OKTexas New Life Member of the NRA 12/15 Supporting Member

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    The first thing France will see if they pass this is the exidous of their millionaires and large businesses. One advantage millionaires have is mobility, they can conduct their business just about anywhere. The same thing would happen here.
     
  5. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    I think if we raised our taxes to 75%, some buttfuck would soon want to raise it to 80, then 90. Won't matter though, cuz by then we'll be the world's biggest banana republic, Greece X 1000.

    Tell ya what man, why don't you put a sock on it and wait a few years and see what happens to France. All the rich frenchpersons are leaving, and their economy is about to get flushed. We are about to find out what happens when you soak the rich.
     
  6. GoneBezerk
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    GoneBezerk BANNED

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    The OP should be locked in a cage on public display for us to throw stuff at him.
     
  7. francoHFW
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    francoHFW Platinum Member

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    Well, one million Euros is $1,250,000, and there are plenty of writeoffs, though not as many as here, where it's ridiculous if you can afford an accountant.
     
  8. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    This time next year France will have taken in less tax revenue than they are now and their economy will be completely down the shitter.
     
    • Thank You! Thank You! x 2
  9. shock
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    shock BANNED

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    OK-Texas--
    an excellent exodiosis cmmment
    --are you perchance a Stillwater graduate?

    Perhaps if you joined up with Kansas' victim, Boomer Sooner,
    and some of the other posters
    you could start an exodiosis party.
    ========================
    just a friendly comment--you know---
    like slapping an old friend on the shoulder
    and saying
    "you old ***********", how have you been getting along?"

    America's millionairs (sic) however, should not worry about selling their homes and moving to other countries
    for they would still be taxed by the US at the same rate,
    wherever they lived.
     
  10. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    I thought income earned overseas was not taxed here until it is brought back on shore.
     

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