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Author Topic: French court rejects 75 percent millionaires' tax  (Read 1673 times)

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Offline Chris_

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French court rejects 75 percent millionaires' tax
« on: December 29, 2012, 02:39:45 PM »
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French court rejects 75 percent millionaires' tax

France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.

The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households.
Reuters

To be continued...
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Offline thundley4

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Re: French court rejects 75 percent millionaires' tax
« Reply #1 on: December 29, 2012, 04:06:40 PM »
Quote from: Chris_ on December 29, 2012, 02:39:45 PM
Reuters

To be continued...

Quote
was unfair in the way it would be applied to different households.

That means they will change the law to screw even more taxpayers.
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Offline Zathras

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Re: French court rejects 75 percent millionaires' tax
« Reply #2 on: December 29, 2012, 04:25:53 PM »
At least the ones this law would affect that are left in France have more time to turn in their passports, take their assets and leave the country. After all you can't tax someone who doesn't live in your country anymore. Too bad the takers of the world forget the simple face that the most mobile person in the world is a rich one.
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Offline centrist

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Re: French court rejects 75 percent millionaires' tax
« Reply #3 on: December 29, 2012, 05:01:51 PM »
This is interesting because it could be a victory for conservatives but then one wonders why taxing the rich is considered unconstitutional to the sociist French unless they really want to tax em more
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Offline 5412

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Re: French court rejects 75 percent millionaires' tax
« Reply #4 on: December 29, 2012, 07:02:38 PM »
Quote from: Zathras on December 29, 2012, 04:25:53 PM
At least the ones this law would affect that are left in France have more time to turn in their passports, take their assets and leave the country. After all you can't tax someone who doesn't live in your country anymore. Too bad the takers of the world forget the simple face that the most mobile person in the world is a rich one.

Hi,

With the EU making migration a bit easier, from what I understand many French millionaires have already left, in droves.....

regards,
5412
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Offline GOP Congress

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Re: French court rejects 75 percent millionaires' tax
« Reply #5 on: December 29, 2012, 11:34:09 PM »
Where are you, John Roberts? It's so bad even the stinkin' FRENCH rules to the right of our so called "conservative" justices.

French panel overturns 75 percent tax on ultrarich

http://finance.yahoo.com/news/french-panel-overturns-75-percent-104219484.html

Quote
PARIS (AP) -- Embattled French President Francois Hollande suffered a fresh setback Saturday when France's highest court threw out a plan to tax the ultrawealthy at a 75 percent rate, saying it was unfair.
In a stinging rebuke to one of Socialist Hollande's flagship campaign promises, the constitutional council ruled Saturday that the way the highly contentious tax was designed was unconstitutional. It was intended to hit incomes over €1 million ($1.32 million).

(More at link)

Yes, you heard right. The French are more conservative than our own SCOTUS.
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Offline RobJohnson

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Re: French court rejects 75 percent millionaires' tax
« Reply #6 on: December 30, 2012, 01:01:51 AM »
Will we be next?

The best way to increase tax income is to keep people working. Instead our government turns safety nets into hammocks.
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Offline WinOne4TheGipper

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Re: French court rejects 75 percent millionaires' tax
« Reply #7 on: December 30, 2012, 10:04:35 AM »
Quote from: Chris_ on December 29, 2012, 02:39:45 PM
Reuters

To be continued...

Damn it.  I'd like to see France do this and then have the Left struggle to explain what's so good about socialism after the inevitable collapse.
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