France: Tax Tops 100%. The smart already got out.

[Mr Mannn]

http://www.reuters.com/article/2013/05/18/us-france-tax-idUSBRE94H0AX20130518

Taxes on some wealthy French top 100 pct of income: paper


PARIS | Sat May 18, 2013 1:16pm EDT

(Reuters) - More than 8,000 French households' tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data.

The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 million euros ($1.67 million).

President Francois Hollande's Socialist government imposed the tax surcharge last year, shortly after taking office, to offset the impact of a rebate scheme created by its conservative predecessor to cap an individual's overall taxation at 50 percent of income.

The government has been forced to redraft a proposed bill to levy a temporary 75 percent tax on earnings over 1 million euros, which had been one of Hollande's campaign pledges.

The Constitutional Council has judged such a high rate of taxation to be unfair, leaving the government to rehash it to hit companies rather than individuals.

Since then, a top administrative court has determined that a marginal tax rate higher than 66.66 percent on a single household risked being considered as confiscatory by the council.

Les Echos reported that nearly 12,000 households paid taxes last year worth more than 75 percent of their 2011 revenues due to the exceptional levy. ($1 = 0.7798 euros)

(Reporting by Leigh Thomas, Editing by Mark Trevelyan)

I would like to make a snarky comment. But socialists seem to top anything I could say.
Why would anyone in this target group willingly stay in France?
Why would a company taxed at 100% stay open?

I'm watching Europe crumble under socialism and see the same thing happening here-with no one standing up to it.

[thundley4]

So France has made the wealthy into virtual slaves.  Worse than slaves since they were taxed more than they made, they had to pay to work.

[JohnnyReb]

Wonder if Tina Turner still loves and prefers living in France over the U.S.?

[BlueStateSaint]

Wonder if Tina Turner still loves and prefers living in France over the U.S.?

IIRC, she's in Switzerland.

[JohnnyReb]

IIRC, she's in Switzerland.

I haven't tried to keep up with her but the last I heard (years ago) she was n the south of France.....doesn't really matter, she's living the DUmmie dream.

[Ptarmigan]

Pay all your wealth in taxes.