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France approves 75 percent tax

france tax rich

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#1    DieChecker

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Posted 30 December 2013 - 07:02 AM

http://www.abc.net.a...incomes/5177916

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A controversial French tax to be levied on companies that pay salaries of more than 1 million euros ($1.55 million) a year has been approved.

I am interested in this to see if companies and high income individuals will actually leave France, or if they will submit.

Reportedly the French professional football (soccer in the USA) players are very angry about this tax.

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#2    libstaK

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Posted 30 December 2013 - 07:06 AM

75% is straight up gouging - the French government should have settled for somewhere around 35% with zero concession access for high income earners aka: you pay 35% regardless of what you do with the money be it charity/investment etc.

The 75% just provides a disincentive for bothering to making a living in France in any way, shape or form.  I thought the real point with high income earners is that they are prevented from dodging paying a tax bill through various loop holes - that is what will put money back where it belongs closing the loopholes, not gouging effort.

Edited by libstaK, 30 December 2013 - 07:08 AM.

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#3    Wickian

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Posted 30 December 2013 - 07:17 AM

Damn, I would ask for a dock in pay if I qualified for that.


#4    Vaise

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Posted 30 December 2013 - 08:10 AM

One thing i have never fully understood since i started paying tax, was why do you pay more the more you earn? We all use the same services that tax pays for regardless of income. SO why do you pay more into those services than any one else if you earn more. It almost seems like a punishment for succeeding in securing a good living. Just my opinion on the matter

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#5    third_eye

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Posted 30 December 2013 - 10:12 AM

the mistresses are going high end with couture and gems ...

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#6    toast

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Posted 30 December 2013 - 12:06 PM

View PostVaise, on 30 December 2013 - 08:10 AM, said:

One thing i have never fully understood since i started paying tax, was why do you pay more the more you earn? We all use the same services that tax pays for regardless of income. SO why do you pay more into those services than any one else if you earn more. It almost seems like a punishment for succeeding in securing a good living. Just my opinion on the matter

Your system will not work. From a financial point of view, a country is like a company with earnings and expenses. The countries fiscal budget covers current costs and future investments for example in infrastructure, education, defense, agencies, science, research and others. To keep the level a capital amount of, let’s say, 1000/year is needed. If it is 1100/year, the level can be developed. If it is 900/year, curtailing on the above sections are the result. If the tax amount is leveled to amount X per taxpayer to earn the 1000/year some people may smile but the majority will cry (poem!) as there are lot of people who must pay their entire income for taxes so they must request for welfare, a capital that is generated by taxes. In addition, with your system an increase of tax income can only be generated by enhancement of the population which again will raise the demands. Also there will be a huge class of population with no money to spend, means zero spending capacity. This will crack the markets and increase prices to inflationary levels. Your idea may work to create Mogadishu 2.0 or North Korea 2.0 in your country, but not to keep an advanced civilization alive.

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#7    Vaise

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Posted 30 December 2013 - 12:58 PM

View Posttoast, on 30 December 2013 - 12:06 PM, said:

Your system will not work. From a financial point of view, a country is like a company with earnings and expenses. The countries fiscal budget covers current costs and future investments for example in infrastructure, education, defense, agencies, science, research and others. To keep the level a capital amount of, let’s say, 1000/year is needed. If it is 1100/year, the level can be developed. If it is 900/year, curtailing on the above sections are the result. If the tax amount is leveled to amount X per taxpayer to earn the 1000/year some people may smile but the majority will cry (poem!) as there are lot of people who must pay their entire income for taxes so they must request for welfare, a capital that is generated by taxes. In addition, with your system an increase of tax income can only be generated by enhancement of the population which again will raise the demands. Also there will be a huge class of population with no money to spend, means zero spending capacity. This will crack the markets and increase prices to inflationary levels. Your idea may work to create Mogadishu 2.0 or North Korea 2.0 in your country, but not to keep an advanced civilization alive.


Id like to clarify it was not an idea it was an opinion coupled with a question. I understand your answer and it explains allot how the system works and how governments make there money. I do however feel taking 75% of someone's earnings cause they earn million + just seems rather unfair. I will never in my lifetime even come close to earning 1 million at all but the fought of having to give 750 thousand of it away because some government said so would really annoy and infuriate me. 75% just seems very high even for high end earners.

Also i have no intention of making a north Korea 2.0 so i have no idea where or why you decided to play that one....

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#8    stevewinn

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Posted 30 December 2013 - 01:02 PM

Hollande wont last long. the French are in trouble in Mali, the French army is struggling, they have asked the EU to take over the mission. so far only Poland have shown an interest in getting involved. if they do join France in Mali then with two EU members being involved it will lead to the EU taking over the mission. and we'll all be off on a jolly into Africa. and now this Tax, the writing is on the wall for Mr Francois Hollande.

The most important point of this tax, is that its not paid by the individual, its interesting to see they are making the employer pay the extra tax, not the employee. so how will big multinationals respond, we all know these companies are built on shifting sand. will they simply move out of France? or just funnel their finances through another country by registering in a different country. like we have seen with Amazon.co.uk. who are registered in Luxembourg so avoid paying the correct amount of tax here in the UK.

Edited by stevewinn, 30 December 2013 - 01:07 PM.

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#9    toast

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Posted 30 December 2013 - 01:10 PM

View PostVaise, on 30 December 2013 - 12:58 PM, said:

Id like to clarify it was not an idea it was an opinion coupled with a question. I understand your answer and it explains allot how the system works and how governments make there money. I do however feel taking 75% of someone's earnings cause they earn million + just seems rather unfair. I will never in my lifetime even come close to earning 1 million at all but the fought of having to give 750 thousand of it away because some government said so would really annoy and infuriate me. 75% just seems very high even for high end earners. Also i have no intention of making a north Korea 2.0 so i have no idea where or why you decided to play that one....

You are right, 75% is just robbery and will not lead to higher gouvernment tax income on the long run as a lot of ppl with an income for that amount will take actions and transfer their company HQ to "sexy" countries like Irland (12,5% tax flat) or Switzerland or others like the blue chips like Apple, McDonalds, Mercedes Benz and a lot of others. Please dont´t take the NK issue personal, I just used that just to expalin a scenario.
Peace.

Edited by toast, 30 December 2013 - 01:12 PM.

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#10    Vaise

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Posted 30 December 2013 - 01:12 PM

View Posttoast, on 30 December 2013 - 01:10 PM, said:

You are right, 75% is just robbery and will not lead to higher gouvernment tax income on the long run as a lot of ppl with an income for that amount will take actions and transfer their company HQ to "sexy" countries like Irland (12,5% tax flat) or Switzerland or others. Please dont´t take the NK issue personal, I just used that just to expalin a scenario.
Peace.

Nothing personal Taken, thank you for your explanation and enlightening me to taxation.

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#11    toast

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Posted 30 December 2013 - 01:14 PM

View PostVaise, on 30 December 2013 - 01:12 PM, said:

Nothing personal Taken, thank you for your explanation and enlightening me to taxation.

I forgot the most important point: taxiation sucks!

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#12    itsnotoutthere

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Posted 30 December 2013 - 06:46 PM

View PostVaise, on 30 December 2013 - 08:10 AM, said:

One thing i have never fully understood since i started paying tax, was why do you pay more the more you earn? We all use the same services that tax pays for regardless of income. SO why do you pay more into those services than any one else if you earn more. It almost seems like a punishment for succeeding in securing a good living. Just my opinion on the matter

Yes, I've never seen the logic in this. You're basically being penalized for being successful & all about the politics of envy, read the comments section in the Guardian, you see a lot of it there.

Edited by itsnotoutthere, 30 December 2013 - 06:51 PM.

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#13    Wickian

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Posted 30 December 2013 - 07:53 PM

The government wants it's money.  To get it they have to make smaller tax increases to everyone, or large ones to the rich.  Reducing spending elsewhere is never an option.


#14    DieChecker

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Posted 30 December 2013 - 08:14 PM

View PostVaise, on 30 December 2013 - 08:10 AM, said:

One thing i have never fully understood since i started paying tax, was why do you pay more the more you earn? We all use the same services that tax pays for regardless of income. SO why do you pay more into those services than any one else if you earn more. It almost seems like a punishment for succeeding in securing a good living. Just my opinion on the matter

View Postitsnotoutthere, on 30 December 2013 - 06:46 PM, said:

Yes, I've never seen the logic in this. You're basically being penalized for being successful & all about the politics of envy, read the comments section in the Guardian, you see a lot of it there.
Yeah, itsnotoutthere pretty much nailed it. It is all about politics, as the actual revenue increase is probably low single digits. If you have 66% of the voters saying something is unfair, then the politicians will aim that way.

Here at Intel we make processors on 12 inch wafers. And, the individual processors on the wafers are called die. And, I am employed to check these die. That is why I am the DieChecker.

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#15    and then

and then

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Posted 31 December 2013 - 12:25 AM

View PostDieChecker, on 30 December 2013 - 07:02 AM, said:

http://www.abc.net.a...incomes/5177916


I am interested in this to see if companies and high income individuals will actually leave France, or if they will submit.

Reportedly the French professional football (soccer in the USA) players are very angry about this tax.
Maybe they will slip the finance minister a "quenelle"  :w00t:   As for the tax, outrageous and I'll be surprised if their isn't an overall decrease in tax revenue behind this little brain storm.

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