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

[Toro]

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

All the Americans I work with overseas pay US income tax in the US even if their paycheques go to a non US account.

Correct. Corporations are not taxed until profits are repatriated.

America is the only developed country that taxes its citizens even if they have left the country. That's ridiculous, and was one reason I considered against becoming an American citizen.

 

[Quantum Windbag]

(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?)

I bet it would increase the deficit even if the government did not increase spending.

 

[healthmyths]

Would someone at least ACKNOWLEDGE the FACTS here??
FACTS directly from the IRS... NO guesses no hyperbole.. FACTS!
A) FACT is taxing 75% of those making over $1 million WOULD NOT generate enough to reduce deficit by 48%!
B) Reason is those making over $1 million already paid $123 billion.
C) 75% of their taxable income of $486.7 billion is $365 billion.
D) They already paid $123 billion so the additional $241 billion IS NOT 48% of $977 billion the CBO's deficit estimation!
E) Taxing those making over $1 million covers NOT 48% but less then 25%~

FACTS downloaded directly from the IRS for 2009 taxes!
Why is this so hard to comprehend? GET the facts then make comments BASED on FACTS!

 

[Duped]

Make a dollar keep a quarter - fuck that!

 

[daveman]

The OP is a perfect example of why the Euro-style economics the left wants for America is unworkable and unsustainable -- yet they keep clamoring for it.

Euro-style economics don't work in Europe. It won't work in the US, either.

 

[blackhawk]

If the Government started taxing you at 75% what would you do? I really think most would start looking for some place to do business with a tax rate considerably lower it might just be me but I don't see the incentive in trying to be successful if I am going to be taxed at 75%.

 

[Wiseacre]

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

All the Americans I work with overseas pay US income tax in the US even if their paycheques go to a non US account.

Correct. Corporations are not taxed until profits are repatriated.

America is the only developed country that taxes its citizens even if they have left the country. That's ridiculous, and was one reason I considered against becoming an American citizen.

Which says something right there. How many bright minds are we losing out on due to our insatiable desire to get more money so we can spend even more money.