French households face tax bill over 100 per cent of earnings

SO you thought you were paying a lot of tax.

Thank yourself lucky you're not living in France where thousands of high earners have been handed a tax bill that exceeded 100 per cent of their income.

The massive tax bill came in a one-off tax levy imposed by the French government on incomes for households with assets of more than 1.3 million euros ($1.71 million).

The tax surcharge related to 2011 earnings and led to over 8000 households paying more than 100 per cent tax, according to Reuters.

The surcharge was introduced by left wing president Francois Hollande when he took office last year. It was meant to offset a rebate brought in by the previous government that capped individual tax liability at 50 per cent of income.

Hollande was voted into office on a pledge of increasing taxes on the rich. However, his government has had to redraft legislation aimed at imposing 75 per cent tax on earnings over 1 million euros, an earlier campaign promise.

The French Constitutional Council decided this high level of taxation was unfair. The government has now redrafted its bill to hit companies rather than individuals, the news agency reported.

What exactly makes him left wing?

SOB

Sir Spot of Borg wrote on May 20^th, 2013 at 9:42am:

What exactly makes him left wing? SOB

...maybe that hammer and sickle he carries around.... ;D

Sir Spot of Borg wrote on May 20^th, 2013 at 9:42am:

What exactly makes him left wing? SOB

First Secretary of the French Socialist Party from 1997 to 2008
signed gay marriage and same-sex adoption into law despite national protests
Taxed wealthy over 100% of there income.

BlOoDy RiPpEr wrote on May 20^th, 2013 at 9:55am:

Sir Spot of Borg wrote on May 20th, 2013 at 9:42am: What exactly makes him left wing? SOB First Secretary of the French Socialist Party from 1997 to 2008 signed gay marriage and same-sex adoption into law despite national protests Taxed wealthy over 100% of there income.

...a relative of Napolean Bonaparte maybe... ;D

Sir Spot of Borg wrote on May 20^th, 2013 at 9:42am:

What exactly makes him left wing? SOB

What makes Hollande left wing??

Clearly you are not familiar with his history and his politics.

hillarious ..... 100% tax .....I suppose it makes up for all the times they paid no tax .

John Smith wrote on May 20^th, 2013 at 10:31am:

hillarious ..... 100% tax .....I suppose it makes up for all the times they paid no tax .

Exactly.

Maybe if they'd paid their fair share in the first place, but I bet that didn't happen.

Bit like here....

Kat wrote on May 20^th, 2013 at 10:35am:

John Smith wrote on May 20th, 2013 at 10:31am: hillarious ..... 100% tax .....I suppose it makes up for all the times they paid no tax . Exactly. Maybe if they'd paid their fair share in the first place, but I bet that didn't happen. Bit like here....

And what would you call fair?

Hollander was voted in with this proposal.  Hence he had a mandate.  What's the righties problem now?  You against mandates?

sir prince duke alevine wrote on May 20^th, 2013 at 12:30pm:

Hollander was voted in with this proposal.  Hence he had a mandate.  What's the righties problem now?  You against mandates?

Only if they lead to marriage.

There are nutters on both sides.

France has Francois Hollande and we have got Tony Abbott.

Kat wrote on May 20^th, 2013 at 10:35am:

John Smith wrote on May 20th, 2013 at 10:31am: hillarious ..... 100% tax .....I suppose it makes up for all the times they paid no tax . Exactly. Maybe if they'd paid their fair share in the first place, but I bet that didn't happen. Bit like here....

damn you are stupid.  and what are these high earners doing??? they are leaving because who wants to live ina country where every cent you earn is taken by the govt???

I seriously doubt that you have a job. You attitude doesn't sound like that of an actual salary earner

sir prince duke alevine wrote on May 20^th, 2013 at 12:30pm:

Hollander was voted in with this proposal.  Hence he had a mandate.  What's the righties problem now?  You against mandates?

yeah coz u so strongly argued against the unmandated carbon tax.

John Smith wrote on May 20^th, 2013 at 10:31am:

hillarious ..... 100% tax .....I suppose it makes up for all the times they paid no tax .

Kat wrote on May 20^th, 2013 at 10:35am:

Exactly. Maybe if they'd paid their fair share in the first place, but I bet that didn't happen. Bit like here....

I would never advocate a 100% tax. That's just silly. I dislike the attitude of many fat cats out there but I wouldn't go so far as to advocate reducing their net income to zero. I am against excessive wealth accumulation (which is economically inefficient and not competitive), but forcing someone to sell their assets to create cashflow, effectively forcing people to go backwards in life is something I am also against. I do not believe in forcing anyone to go backwards, regardless of how rich they are or how much tax they have unfairly avoided. I believe that everyone should always be moving forwards, just at different rates.

These is no point in having a 100% tax. It's counterproductive to chase after the past sins of the rich. Just let it go.

Zero net income equals a waste of time. You spend a year earning $200k or more just to see it go to waste with nothing to put in your bank. You can't even give it away to charity! You have absolutely no power over the money you earned and no money to play with so it's no fun.

The fat cats can have fun with their money, just not too much.

I would agree that some people get too much money, money they don't really need and I would advocate imposing limits on how much wealth they can accumulate, but 100% income tax is not a constructive or helpful concept.  There are better approaches, like a logarithmic cap on net income.

Mnemonic wrote on May 20^th, 2013 at 9:10pm:

I would never advocate a 100% tax

I never said I advocated it (I actually don't it's counter productive), I just said it was hilarious.

John Smith wrote on May 20^th, 2013 at 9:13pm:

I never said I advocated it (I actually don't it's counter productive), I just said it was hilarious.

Fair enough ............. if that was humour I guess I missed it. :o

I guess the idea is to remove the wealth from rich private individuals and give it to the government to spend instead, worked well in Cuba  ;D

BlOoDy RiPpEr wrote on May 20^th, 2013 at 9:55am:

Sir Spot of Borg wrote on May 20th, 2013 at 9:42am: What exactly makes him left wing? SOB First Secretary of the French Socialist Party from 1997 to 2008 signed gay marriage and same-sex adoption into law despite national protests Taxed wealthy over 100% of there income.

So allowing gays to marry is 'left wing'? so why is gillard against it? why does abbott pretend to be for it?

SOB

Well the article has no link. Media lies all the time. could be a blog. Doesn't sound true.

SOB

longweekend58 wrote on May 20^th, 2013 at 5:40pm:

sir prince duke alevine wrote on May 20th, 2013 at 12:30pm: Hollander was voted in with this proposal.  Hence he had a mandate.  What's the righties problem now?  You against mandates? yeah coz u so strongly argued against the unmandated carbon tax.

When have I argued for mandates?  I'm pointing out the hypocrisy of your view.

Sir Spot of Borg wrote on May 21^st, 2013 at 7:38am:

Well the article has no link. Media lies all the time. could be a blog. Doesn't sound true. SOB

Do you EVER bother to follow anything or look anything up?!?
If you don't know anything about a topic then maybe don't comment.

Instead of your usual "prolly not true"

Ever major newspaper of note carries the story.

I've given you The Times here.....

http://www.thetimes.co.uk/tto/news/world/europe/article3769130.ece

TAX ON INCOME TOPS 100% AS FRENCH POLICY BITES

Andrei.Hicks wrote on May 21^st, 2013 at 9:11pm:

Sir Spot of Borg wrote on May 21st, 2013 at 7:38am: Well the article has no link. Media lies all the time. could be a blog. Doesn't sound true. SOB Do you EVER bother to follow anything or look anything up?!? If you don't know anything about a topic then maybe don't comment. Instead of your usual "prolly not true" Ever major newspaper of note carries the story. I've given you The Times here..... http://www.thetimes.co.uk/tto/news/world/europe/article3769130.ece TAX ON INCOME TOPS 100% AS FRENCH POLICY BITES

what are you doing up so early? 

I'm loving the concern people have for my sleep pattern but its midday in England.

Andrei.Hicks wrote on May 21^st, 2013 at 9:17pm:

I'm loving the concern people have for my sleep pattern but its midday in England.

on here at midday? bludger.

fair is the most difficult word in politics.

Some consider taking money from the rich and giving to the poor as fair.

How can that be?

miketrees wrote on May 21^st, 2013 at 9:47pm:

fair is the most difficult word in politics. Some consider taking money from the rich and giving to the poor as fair. How can that be?

and the rich living off the poor? Fair?

miketrees wrote on May 21^st, 2013 at 9:47pm:

fair is the most difficult word in politics. Some consider taking money from the rich and giving to the poor as fair. How can that be?

Because they are Communists - basically.

Andrei.Hicks wrote on May 21^st, 2013 at 9:48pm:

miketrees wrote on May 21st, 2013 at 9:47pm: fair is the most difficult word in politics. Some consider taking money from the rich and giving to the poor as fair. How can that be? Because they are Communists - basically.

or perhaps we'd like to avoid anarchy?

Now, stop budging and go do some work. It's midday.

miketrees wrote on May 21^st, 2013 at 9:47pm:

fair is the most difficult word in politics. Some consider taking money from the rich and giving to the poor as fair. How can that be?

Yet Robin Hood, if the stories are even halfway true, was greatly admired for doing so.

;)

Lobo wrote on May 21^st, 2013 at 9:59pm:

miketrees wrote on May 21st, 2013 at 9:47pm: fair is the most difficult word in politics. Some consider taking money from the rich and giving to the poor as fair. How can that be? Yet Robin Hood, if the stories are even halfway true, was greatly admired for doing so. ;)

Robin Hood did not rob the middle incomes to pay for the poor.

Andrei.Hicks wrote on May 21^st, 2013 at 10:03pm:

Lobo wrote on May 21st, 2013 at 9:59pm: miketrees wrote on May 21st, 2013 at 9:47pm: fair is the most difficult word in politics. Some consider taking money from the rich and giving to the poor as fair. How can that be? Yet Robin Hood, if the stories are even halfway true, was greatly admired for doing so. ;) Robin Hood did not rob the middle incomes to pay for the poor.

Yet somehow the Liberals reverse robin hood is acceptable and even encouraged.

Not by me.
I believe the rich should pay more than they do.

My issue was always you stuck families like mine in the same huge bracket as David Beckhams.

He earns in a week what do in a year.

Yet it's us that gets told we are rich....

BlOoDy RiPpEr wrote on May 20^th, 2013 at 9:00am:

[size=12] one-off tax levy imposed by the French government on incomes for households with assets of more than 1.3 million euros ($1.71 million). The surcharge was introduced by left wing president Francois Hollande when he took office last year. It was meant to offset a rebate brought in by the previous government that capped individual tax liability at 50 per cent of income.

So its actually just a once off levy to recoup losses created by a loophole from the previous administration.

But i guess that wouldn't make such a good headline

Andrei.Hicks wrote on May 21^st, 2013 at 10:13pm:

Not by me. I believe the rich should pay more than they do. My issue was always you stuck families like mine in the same huge bracket as David Beckhams. He earns in a week what do in a year. Yet it's us that gets told we are rich....

There is a difference between rich and having enough to not need to be a burdon sponging on society and requiring government hand outs.

Oh that's fine then if its just a levy.
It'll make the families feel so much better.

Innocent bystander wrote on May 21^st, 2013 at 5:08am:

I guess the idea is to remove the wealth from rich private individuals and give it to the government to spend instead, worked well in Cuba  ;D

Taught people to read and write and provided a world class, free health system. Sounds okay to me.

Andrei.Hicks wrote on May 21^st, 2013 at 10:03pm:

Lobo wrote on May 21st, 2013 at 9:59pm: miketrees wrote on May 21st, 2013 at 9:47pm: fair is the most difficult word in politics. Some consider taking money from the rich and giving to the poor as fair. How can that be? Yet Robin Hood, if the stories are even halfway true, was greatly admired for doing so. ;) Robin Hood did not rob the middle incomes to pay for the poor.

According to all your bragging you are not middle income

SOB