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Forum Post: France To Raise Top Tax Rate To Shocking 75%

Posted 5 years ago on Oct. 4, 2012, 3:06 a.m. EST by Builder (4202)
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Ministers have said that the tax will be temporary, and is part of a plan to balance France's books by 2017. Taxes already introduced are thought to be bringing in $8.7 billion this year.

Élie Choen, a past economic adviser for Sarkozy and Hollande, explained that the motivation was more political than financial, when talking with The Washington Post.

"From a strictly economic point of view, I wouldn’t recommend these policies," he said. "But that’s not what this is. This is clearly designed to create some kind of consensus in this country for structural reforms.”

By increasingly taxing the wealthy, Hollande hopes to garner increased support for increased austerity measures. Government spending cuts have begun in efforts to meet a plan to balance the budget by 2017 and are sure to continue. In effect, this move will serve as political points and an "I told you so" moment for Hollande's future socialism-inspired policies.

As many wealthy French citizens bemoan the hike, wealthy Americans are doing the same to a proposed Obama tax hike from 35 percent to 40 percent currently being deliberated in Congress. Even ardent Obama supporters who understand and are willing to foot the bill for the tax hike, including Hollywood actor Will Smith, are amazed and aghast at the French plan.

As Will Smith put it, "75!...God bless America."

Read more: http://www.businessinsider.com/francois-hollande-rises-tax-to-75-2012-8#ixzz28B0h6O2K



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[-] 1 points by factsrfun (8485) from Phoenix, AZ 5 years ago

Did you know they ruled this unconstitutional because it didn't tax all types of income the same not because it was too high?

Giving this a quick glance it seems a defense of rich people, is that what you intended?

[-] 1 points by WSmith (2698) from Cornelius, OR 5 years ago

Let's copy Iceland and France. Tax the rich, it's better than eating them.

Rumor had it that Bob Hope gave silver dollars for trick or treat, but every year we apparently got there too late.


[-] 0 points by Builder (4202) 5 years ago

A defense of whom?

I don't pidgeonhole peeps. See my comment below about Bob Hope.

And you're digging up posts from six months ago?

Mother, I've got another stalker, and I think it's a bot.

[+] -4 points by Builder (4202) 5 years ago

I can remember reading about the late US actor / comedian Bob Hope complaining about being taxed 95% because he earned so much.