France pushs for a 75% tax on high income earners

[I AM NOT THAT GUY 5,715]

France unveils a budget heavy on taxes

PARIS (AP) — The French government presented a budget Friday that was heavy on taxes — including a controversial 75 percent income rate on high earners — but which critics said lacked fundamental reforms that could jumpstart economic growth.

President Francois Hollande's cabinet defended the spending plan for next year, calling it a "fighting budget" that would win the "battle" against joblessness and help growth.

Like many European countries, France must tread a fine line between cutting the debts that dragged them into the current 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 Friday. Unemployment has been on the rise for more than a year and stands at 10.2 percent.

Economists warn, however, that things could get much worse in France if it doesn't get serious about slashing state spending and reforming stringent labor laws.

"This is a serious budget, it's a leftist budget and it's fighting budget," Finance Minister Pierre Moscovici told French radio station Europe-1 Friday morning.

http://news.yahoo.com/france-unveils-budget-heavy-taxes-124501335--finance.html

Can we get mayonnaise with that?

[lostinblue 1,989]

Can we get mayonnaise with that?

flight of the rich will continue.

[X Factor 1,112]

Why not 100% and make it completely communist

[Brother Hesekiel 2,236]

I have no problem with that.

If you make, let's say, $25,000,000.00 per year, like Romney does, you either pay 75% on everything over $5,000,000.00, so your first $5 million are taxed progressively, and of the remaining $20 million you pay $15 million in taxes. Still leaves you with $10 million dollars to live on during the year. Not a bad income, me thinks.

But nobody will do that.

So instead of paying a C.E.O. $25 million dollars, they will pay him $5 million dollars and invest the remaining $20 million dollars, in which cases there are no taxes due. So it's all good. Less for the super rich, more for the people and the economy.

[spookyturtle 9,466]

Did they surrender yet?

[X Factor 1,112]

flight of the rich will continue.

They rich will always find a way to protect their assets

[james&olya 1,121]

I am sure the right wing there will be predicting all sorts of financial catastrophe, just like they did here when Clinton raised taxes. I find it remarkable that we have a progressive income tax at lower levels but that stops being progressive at a level still well within what most consider middle class. In fact, when you factor in the contribution of capital gains to higher incomes, the income tax actually becomes regressive! Why shouldn't we expect those with incomes well into the millions to pay 50 or 60% of their income above a certain level? It worked well for many years in this country. It is only since the right-wingers started getting the taxes on the wealthy drastically reduced that we have seen the wheels come off of our middle class way of life in this country. Sooner or later thinking people of ordinary incomes are going to figure this out and when they do we will see tax rates restored to what they were when we were enjoying true middle class prosperity!

[Bad_Daddy 2,209]

I am sure the right wing there will be predicting all sorts of financial catastrophe, just like they did here when Clinton raised taxes. I find it remarkable that we have a progressive income tax at lower levels but that stops being progressive at a level still well within what most consider middle class. In fact, when you factor in the contribution of capital gains to higher incomes, the income tax actually becomes regressive! Why shouldn't we expect those with incomes well into the millions to pay 50 or 60% of their income above a certain level? It worked well for many years in this country. It is only since the right-wingers started getting the taxes on the wealthy drastically reduced that we have seen the wheels come off of our middle class way of life in this country. Sooner or later thinking people of ordinary incomes are going to figure this out and when they do we will see tax rates restored to what they were when we were enjoying true middle class prosperity!

So your saying it's a good thing for the governmen to take 75% of these peoples money? I believe that's called theiving.