“Massive support” in France for taxing “the rich” at a rate of 75 percent

Posted by: ST on September 13, 2012 at 11:35 am

Coming soon to America?

French citizens, those whose income is over one million euros, or just over one and a quarter million dollars, will soon be taxed at a rate of 75 percent.

Many economists have said the rich tax will not do much to boost depressed state coffers because only 3,000 of France’s 66 million citizens make over a million (euros), and that the move is just symbolic.

In fact, the tax hike was the campaign promise many believe won the election for President Francois Hollande who has said he doesn’t like the rich.

The move seems to have garnered massive public support. At the Peugeot-Citroen plant just outside of Paris, workers said they favored the rich paying more. Union Leader Jean-Pierre Mercier told Fox News, “It’s not all, AT ALL, sufficient,” he said. “We should take more of their wealth.”

Even among residents around the posh Place Vendome area it is hard to find anyone against the tax.

“It’s a good idea. If you have money, you can pay taxes,” one woman said, echoing the sentiments of several others.

If you think this couldn’t happen here, remember how our celebrity President has said in complete seriousness how at a certain point you’ve “made enough money”? Also unforgettable are his now-infamous comments as a presidential candidate to Joe the Plumber about “spreading the wealth” around. And his official magic number that marks his cut off point from “rich” to “not rich” is $250,000, although ObamaCare was a huge tax on the “not rich” aka the middle class. And Obama also supports hitting the middle class with other taxes in the forms of fees, fines, etc.

Yes, it can most definitely happen here as well with attitudes like President Obama and his supporters – and future Democrat presidential contenders, who as a general rule believe “the rich” should be punished for being successful, and that the government knows best how to spend their money. Of course, the left claim to want to do this to “help” those less fortunate, even though most “rich” people contribute to society in other ways like – you know – creating jobs, assisting local communities, engaging in philanthropic endeavors, and the like.

Success, unfortunately, breeds contempt in left wing circles – because it means someone has made something of him or herself, while there are others who for whatever reason have not. So the left concludes that because this happens, this system is somehow “unfair”, because – to them – equal opportunity should also mean equal outcome, which they believe they can legislate to make happen via taxes, penalties, stifling regulations, limits, and quota programs designed to “level the playing field.”

A strong rejection of this brand of liberalism, more commonly known as “socialism”, is imperative this coming November. I sure as heck hope a majority of Americans agree with me, or the next four years of a lame duck President will be a nightmarish ride for us all.

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9 Responses to ““Massive support” in France for taxing “the rich” at a rate of 75 percent”

Comments

  1. Don’t get me started, but:

    Q: Why does Paris have tree-lined streets?

    A: So the Nazis can march in the shade.

    I’ll stop there.

  2. Kate says:

    LOL….the socialist regimen in France is not so, how you say, complicated? No, they are quite frank about taxing the rich. It is as though citizens do not have a right to their own income!

    I don’t mind paying my fair share of taxes as long as I know it’s not being squandered and our leaders would balance the budget.

  3. Neo says:

    I must say that you have to have a better understanding of the French tax system to get a grip on the 75% tax.

    As Steve Martin used to say .. “The French have a different word for everything.” Well the French tax system as explained to me is equally different, and it doesn’t look quite that bad.

    You have to understand that the effective tax rate is computed by dividing the 75% by the number of deductions (adults count as “1”, children as “0.5′).

    So a family of 4 (2 adults, 2 children) have an effective tax rate of ..
    75% / (2*1 + 2*0.5) = 75% / 3 = 25%

    Of course, if your “family” is smaller, you may be subject to more, up to the 75% level. And larger families would have lower effective tax rates.

    But 25% is lower than the 28% US federal tax level currently in force for a large number of those who pay taxes.

    My guess is that if the US used this method to compute “effective tax rates” that “living together” would disappear in favor of marriage (traditional, gay, etc.) in a few short years.

  4. Pablo panadero says:

    It is all in the question. Ask not of the rich should pay more, but what percentage of all taxes should th richest 1% pay. Invariably you get a number below what they already pay.

  5. Tango says:

    …we’ve heard this all before. Somebody tell me when (throughout history) the “soak the rich” philosophy has ever been the right answer?

    (sound of crickets)

  6. Drew the Infidel says:

    There was a piece aired on TV about this. The payoff is the wealthiest of the French are busily applying for citizenship in other countries (i.e. legal immigrants).

  7. Lorica says:

    There was a piece aired on TV about this. The payoff is the wealthiest of the French are busily applying for citizenship in other countries (i.e. legal immigrants).

    Yep and more power to ‘em. – Lorica

  8. david foster says:

    Obama: ” at a certain point you’ve “made enough money”

    But he doesn’t think there’s a certain point at which you’ve garnered enough power, at least if by “you” one means “him.”

    And when you have enough power, of course, you don’t need money, you can simply take what you want.

  9. Carlos says:

    The concept of “diminishing returns” is completely foreign not only to the French regime but to all socialists. They can’t understand that if one is taxed into oblivion, there won’t necessarily be anyone in this country to step in and take that producer’s plsce, but that the producer will either quit altogether and retire (thus avoiding any taxes at all), or will take his company overseas to a place where the tax rates are much more amenable to producers.

    Which brings up this equation: Obama = the greatest force for outsourcing American jobs overseas, and the greatest force (because of his immigration policies) of making sure that whatever jobs are left in this country are first offered to those both not qualified by experience nor here legally.

    He has, by his record, absolutely no room to criticize Romney for outsourcing. Heck, he outsources everything he can!