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Posted: 12/29/2012 5:30:10 AM EDT
President Francois Hollande’s 75 percent millionaire-tax is unconstitutional because it doesn’t guarantee equality for taxpayers, France’s top court ruled.
Hollande’s plan would have added extra levies of 18 percent on individuals’ incomes of more than 1 million euros ($1.32 million), while regular income taxes and a 4 percent exceptional contribution for high earners would have been based on household income, the court said today in an e-mailed statement. As a result, two households with the same total revenue could end up paying different rates depending on how earnings are divided among members of those households, which runs counter to a rule of equal tax treatment, the Paris-based court said. The tax, one of Hollande’s campaign promises, had become a focal point of discontent among entrepreneurs and other wealth creators, some of whom have quit French shores as a result. Movie star Gerard Depardieu, 64, said he was leaving France “because you consider success, creativity, talent, anything different are grounds for sanction.” http://www.bloomberg.com/news/2012-12-29/french-court-says-75-tax-rate-on-wealthy-is-unconstitutional.html Holy crap. 
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Posted: 12/29/2012 5:31:46 AM EDT
[#1]
They'll keep trying.
it's hard to believe France is starting to look more sane than our country. 
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Posted: 12/29/2012 5:37:04 AM EDT
[#2]
Maybe we could trade John Roberts for a French judge.
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Posted: 12/29/2012 5:39:01 AM EDT
[#3]
Hmmm.. equal protection argument for the progressive tax system. Why hasn't anyone done that?
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Posted: 12/29/2012 5:39:53 AM EDT
[#4]
Quoted:
Maybe we could trade John Roberts for a French judge. Sad isnt it. FJR |
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Posted: 12/29/2012 5:43:19 AM EDT
[#5]
Quoted: Next thing you know those people getting taxed will want actual representation in the legislature. What a concept. Hmmm.. equal protection argument for the progressive tax system. Why hasn't anyone done that? |
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Posted: 12/29/2012 6:00:50 AM EDT
[#6]
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Posted: 12/29/2012 6:07:34 AM EDT
[#7]
Can't be arsed to do the research, but are we talking about a 75% marginal tax rate, or overall income tax rate? Because 75% is clearly insane (well, 50% is clearly insane, but I digress). From what I've read about the "good old days" of US tax code that liberal progressives like to dream about, at one point the top *marginal* US income tax rate was circa 90%. So, above a certain annual income, you were "allowed" to keep 10¢ on the dollar. But the overall effective tax rate of an individual paying this marginal rate wasn't 90% because that's not how marginal rates work (overall was still ridiculously high, though).
Also, NOBOY paid these 90% marginal rates; they were "sucker rates" only for people not clever enough to avoid them through asset allocation etc. Don't know how that compares to the situation in France. |
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Posted: 12/29/2012 7:05:27 AM EDT
[#8]
Quoted:
Can't be arsed to do the research, but are we talking about a 75% marginal tax rate, or overall income tax rate? Because 75% is clearly insane (well, 50% is clearly insane, but I digress). From what I've read about the "good old days" of US tax code that liberal progressives like to dream about, at one point the top *marginal* US income tax rate was circa 90%. So, above a certain annual income, you were "allowed" to keep 10¢ on the dollar. But the overall effective tax rate of an individual paying this marginal rate wasn't 90% because that's not how marginal rates work (overall was still ridiculously high, though). Also, NOBOY paid these 90% marginal rates; they were "sucker rates" only for people not clever enough to avoid them through asset allocation etc. Don't know how that compares to the situation in France. There's that, and there's the fact that it wasn't nearly as easy in 1950 to start an e-business selling an e-book about how to sell e-books and make millions of dollars. You had to make the equivalent of $3 million in today's dollars to max out your tax rate. Even if you get into the top tax bracket, your effective rate will be much lower because most of your income is being taxed at lower rates. In the case of France, however, you're going to have people who earn $20 million a year, and their effective tax rate will be approximately 70%, before you add on the wealth tax. I calculated earlier that a person worth $300 million, with an income of $20 million, would pay more than $20 million in taxes under that system. |
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Posted: 12/29/2012 7:53:05 AM EDT
[#9]
ok not 75% , but 73% is surely fair
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Posted: 12/29/2012 11:56:30 AM EDT
[#10]
Quoted:
President Francois Hollande’s 75 percent millionaire-tax is unconstitutional because it doesn’t guarantee equality for taxpayers, France’s top court ruled.
Hollande’s plan would have added extra levies of 18 percent on individuals’ incomes of more than 1 million euros ($1.32 million), while regular income taxes and a 4 percent exceptional contribution for high earners would have been based on household income, the court said today in an e-mailed statement. As a result, two households with the same total revenue could end up paying different rates depending on how earnings are divided among members of those households, which runs counter to a rule of equal tax treatment, the Paris-based court said. The tax, one of Hollande’s campaign promises, had become a focal point of discontent among entrepreneurs and other wealth creators, some of whom have quit French shores as a result. Movie star Gerard Depardieu, 64, said he was leaving France “because you consider success, creativity, talent, anything different are grounds for sanction.” http://www.bloomberg.com/news/2012-12-29/french-court-says-75-tax-rate-on-wealthy-is-unconstitutional.html Holy crap.
The bolded is on the money. That's what Leftism is all about, envy of the differences that naturally result in hierarchy, a fear of superiority of one man over themselves or another. Everyone needs to be the same to relieve such concerns. |
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Posted: 12/29/2012 11:59:37 AM EDT
[#11]
Damn, I was hoping that they would drive all their wealthy folks here.
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