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Old 09-28-2012, 08:28 AM   #1
Kensai
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'France budget: Top 10% of earners to see taxes rise' Do YOU support taxing the rich?

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French Prime Minister Jean-Marc Ayrault has said that nine out of 10 citizens will not see their income taxes rise in the new budget.

He has confirmed that there is to be a new 75% tax rate for people earning more than 1m euros (£800,000; $1.3m) a year.

He has not yet detailed how much taxes will rise for the rest of the top 10%.

It is one of the key policies in what he called "a courageous, responsible budget - a budget of conquest".

The government's priorities were young people, training and cutting 10bn euros from its spending, he said. This would demand an effort but would be fair, he added.
'Fighting budget'

Official figures on Friday showed that French public debt had hit 91% of GDP between April and June this year.

It was 89.3% at the end of March, which was still well above the eurozone limit of 60%.

Mr Ayrault pointed out that debt had grown by 30% of GDP in the past five years.

http://www.bbc.co.uk/news/world-europe-19754016

Tax rises for the rich, yay or nay? Is it beneficial for the people, or should rich people be given leeway for helping the economy in their way? Are you with the socialists in France, or are you more about Ayn Rand's philosophies?

Personally I'm for taxing the rich proportionally, but not overdoing it. I don't think overtaxing people is going to make them stay, they'll just move abroad.

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Old 09-28-2012, 08:30 AM   #2
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Raising taxes for the rich by a couple of percent isn't going to hurt them. It's definitely a lot better than the wage-cap the ex-financial minister of Germany proposed

EDIT: taxes on in Germany are around 65% on everything you earn, and then 19% sales tax on everything. So 75% tax on the super-rich doesn't seem like a huge deal to me, at all. It's not gonna hurt their businesses because it's only going to be the income tax, which is still going to be gigantic.

EDIT2: Wait, this IS only on personal income tax, right?

Last edited by CoreysMonster : 09-28-2012 at 08:35 AM.
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Old 09-28-2012, 08:31 AM   #3
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What is the tax rate there now? 75% seems a little steep to me, right now I'm paying like 20% in the states, but I make less than $20k a year.
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Old 09-28-2012, 08:40 AM   #4
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What is the rate for what they earn under €1million?
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Old 09-28-2012, 08:50 AM   #5
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Quote:
Originally Posted by CoreysMonster
Raising taxes for the rich by a couple of percent isn't going to hurt them. It's definitely a lot better than the wage-cap the ex-financial minister of Germany proposed

EDIT: taxes on in Germany are around 65% on everything you earn, and then 19% sales tax on everything. So 75% tax on the super-rich doesn't seem like a huge deal to me, at all. It's not gonna hurt their businesses because it's only going to be the income tax, which is still going to be gigantic.

EDIT2: Wait, this IS only on personal income tax, right?

From my understanding it's income tax.
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Originally Posted by Bushinarin
What is the tax rate there now? 75% seems a little steep to me, right now I'm paying like 20% in the states, but I make less than $20k a year.

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Originally Posted by Blayney
What is the rate for what they earn under €1million?

I think it's around 40% on average.

Income/Year - Tax rate %
Code:
Up to €5,963 0% Between €5,964 - €11,896 5.5% Between €11,897 - €26,420 14% Between €26,421 - €70,830 30% Above €70,830 41%

edit:
http://en.wikipedia.org/wiki/Income...opean_countries
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Last edited by Kensai : 09-28-2012 at 08:51 AM.
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Old 09-28-2012, 08:51 AM   #6
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http://en.wikipedia.org/wiki/Histor...econd_World_War

High income taxes don't really work too well in the UK, so far as I can tell.
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Old 09-28-2012, 08:53 AM   #7
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I think people who earn more should pay a higher percentage, but not to the point where earning a lot looses its attractiveness... 75% does seem high... though...
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Old 09-28-2012, 08:56 AM   #8
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Quote:
Originally Posted by Kensai
From my understanding it's income tax.

The question is if France differentiates between personal income tax and corporate income tax, because taxing 75% of all businesses' income is going to drive every single important business out of the country.
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Old 09-28-2012, 09:01 AM   #9
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Raise taxes for rich people!

Then raise taxes for the poor people EVEN MORE!!

It's the only way. Trust me.
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Old 09-28-2012, 09:01 AM   #10
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So like a 35% increase? If I were wealthy, and that was imposed on me, I'd probably move to another country.
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Old 09-28-2012, 09:02 AM   #11
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Quote:
Originally Posted by Robfreitag
I think people who earn more should pay a higher percentage, but not to the point where earning a lot looses its attractiveness... 75% does seem high... though...

given the way the tax system works it's never unattractive to earn more.

You might end up paying more in income tax but you still receive more money.

If you earn 1m euros one year you'll pay x tax and receive Y in income, if you earn 2m euros, you'll pay x +750k in tax and receive Y+250k in income.

You'll still be better off.
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Old 09-28-2012, 09:03 AM   #12
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you could just not pay any tax and let the E.U bail you out.
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Old 09-28-2012, 09:03 AM   #13
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Quote:
Originally Posted by Lemoninfluence
given the way the tax system works it's never unattractive to earn more.

You might end up paying more in income tax but you still receive more money.

If you earn 1m euros one year you'll pay x tax and receive Y in income, if you earn 2m euros, you'll pay x +750k in tax and receive Y+250k in income.

You'll still be better off.

Yes, but you could pay less tax somewhere else, and thus receive more income.
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Old 09-28-2012, 09:04 AM   #14
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Quote:
Originally Posted by CoreysMonster
The question is if France differentiates between personal income tax and corporate income tax, because taxing 75% of all businesses' income is going to drive every single important business out of the country.

I very much doubt that it's corporate income tax, that'd be crazy... even for France.
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Old 09-28-2012, 09:05 AM   #15
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Quote:
Originally Posted by CoreysMonster
The question is if France differentiates between personal income tax and corporate income tax, because taxing 75% of all businesses' income is going to drive every single important business out of the country.

Corporations/companies are separate entities and so the revenue doesn't go through the individual, it goes through the corporation (which then pays corporation tax on its profits).

the 75% applies to people only (I assume).
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Old 09-28-2012, 09:11 AM   #16
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I can only assume that the rich of France are unaware of tax avoision.
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Old 09-28-2012, 09:14 AM   #17
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Quote:
Originally Posted by metacarpi
I can only assume that the rich of France are unaware of tax avoision.

Well, they're too busy worrying about garlic harvests and onion soup.
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Old 09-28-2012, 09:15 AM   #18
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Quote:
Originally Posted by metacarpi
I can only assume that the rich of France are unaware of tax avoision.

tax avoidance is legal

tax evasion is not.

You avoid tax liability, you evade paying tax.

That said, if he's upping the rate and he wants to increase revenue, he should also be closing some of the loopholes and exemptions that I presume exist in the French tax system.
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Old 09-28-2012, 09:16 AM   #19
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Originally Posted by slapsymcdougal
Well, they're too busy worrying about garlic harvests and onion soup.


The f*cking baguette eating, dickhead frogs!

EDIT: I know it's legal, hence avoision as opposed to evasion.
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Old 09-28-2012, 09:20 AM   #20
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