In Socialist France, Taxes On Many Are 100%

[PrisonerOfHope]

In Socialist France, Taxes On Many Are Literally 100% of Income



May 19, 2013 7:33pm PST

President Francois Hollande, an ardent French socialist, promised when elected that he would raise taxes on the rich. He did it too. The news that has everyone’s eyebrows bouncing upwards is that French Finance Ministry data shows that 8,000 French households had tax bills that exceeded 100% of their earned income last year.

(Read More: Ammo Tax Coming: CA Targets Gun Owners By Passing $92 Million Bullet Tax.)

Of course, that’s not actually possible. Even the most intrepid tax man can’t collect more than 100% of actual annual income. What the French government really did was impose a “one time” (yeah, right) levy on those French households making more than 1.3 million euros (or around $1.67 million). To pay both their current tax rate – which for 12,000 French households last year was a 75% tax rate – and the huge surcharge, France’s wealthier citizens had to pay over all of last year’s income in taxes, and then dig into their savings to make up the difference.

The reason for this excessive surcharge was the fact that President Hollande insisted upon offsetting a complicated rebate scheme that President Sarkozy had established so that no one in France could be taxed at a greater rate than 50% of income. In addition to the surcharge, Hollande’s government raised the top rate to 75% for last year. That high tax rate may be coming to an end, however, when the country’s Constitutional Council held that a 75% taxation rate is unfair, while an administrative court concluded that anything higher than 66.66% on any one household was confiscatory.



Americans should watch very closely what’s going on in France. Obama has indicated from the moment he appeared on the national scene that he believes Euro-socialism is the way to go. The flabby European economy; the economic disasters of Portugal, Italy, Greece, and Spain; and the stagnant American economy have not deterred him. Moreover, whether Obama directed the IRS scandal or it occurred spontaneously within the 90% Democrat ranks of the IRS, he knows that his tax guys will be very happy to help lead Americans down the path of 75% to 100% taxation.

Video at link:

www.mrconservative.com/2013/05/16915-in-socialist-france-taxes-on-many-are-literally-100-of-income/