French court rejects 75 percent millionaires' tax

PeteEU said:

Of course it is fair... problem is right wingers look at the individual and not at society as a whole.. and that is one of their main problems when it comes to economic theory.... too much focus on the individual (the me me me me me me attitude) and not enough on improving society as a whole.



14%, not 13%.

Regardless, his tax rate was on capital gains.

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Yes, 14% on gains from income invested in companies that employ people, using money that has already been taxed at the income level rates once. This was generally agreed by most people to be an incentive to invest and drive gains in business. A good thing.

You know I find it funny that so many today let that jealous demon out and really hold genuine contempt for those who have 'made it' in business to the point that they don't think that these people deserve the wealth they earned. I think it was actually driven by the easy credit markets of the 80s, 90s, and early 00s. People tossed budgets out the window, and opted for the "I want it now" path. Then when the bills came due, they just filed bankruptcy and shoved that cost onto the system. We all saw it coming. Hell, I had friends that all had new cars, motorcycles, house, vacations, and generally living well beyond their means. They had homes that were gaining equity at rates unheard of 15, 20% per year, driven by a red hot housing market made red hot by standards that were overly lax, and gave out money with no doc loans that ended up blowing up. People in this tail end baby boom, first of Gen x ers, were some of the most selfish, dumbest rock heads I have ever known. The bills are due, and they thought that by just walking away that the debt disappeared. Well, it didn't. So now instead of taking a sober look, and accepting responsibility, and doing what is necessary to right the greed, sloth, and downright ignorance, they want to force those who did the right thing to pick up their tab. They want to punish people that 'have' because they now realize that they haven't done the things needed to 'have' themselves. It's a declining path, and may make them feel better, but in the long run, destroys this country.

j-mac said:

Yes, 14% on gains from income invested in companies that employ people, using money that has already been taxed at the income level rates once. This was generally agreed by most people to be an incentive to invest and drive gains in business. A good thing.

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"Generally agreed by most people".. no.. it is agreed by those people who earn a large portion of their income this way. The argument is bull**** from start to end. All income is "taxed" several times in one way or another... why should income made by fiddling the markets be any different than income generated picking up garbage?

And if this theory of yours was actually true, then we would have been out of this recession and crisis long ago.. because capital gains income has never been higher... so people must have been investing a lot right... wrong.

You know I find it funny that so many today let that jealous demon out and really hold genuine contempt for those who have 'made it' in business to the point that they don't think that these people deserve the wealth they earned. I think it was actually driven by the easy credit markets of the 80s, 90s, and early 00s. People tossed budgets out the window, and opted for the "I want it now" path. Then when the bills came due, they just filed bankruptcy and shoved that cost onto the system. We all saw it coming. Hell, I had friends that all had new cars, motorcycles, house, vacations, and generally living well beyond their means. They had homes that were gaining equity at rates unheard of 15, 20% per year, driven by a red hot housing market made red hot by standards that were overly lax, and gave out money with no doc loans that ended up blowing up. People in this tail end baby boom, first of Gen x ers, were some of the most selfish, dumbest rock heads I have ever known. The bills are due, and they thought that by just walking away that the debt disappeared. Well, it didn't. So now instead of taking a sober look, and accepting responsibility, and doing what is necessary to right the greed, sloth, and downright ignorance, they want to force those who did the right thing to pick up their tab. They want to punish people that 'have' because they now realize that they haven't done the things needed to 'have' themselves. It's a declining path, and may make them feel better, but in the long run, destroys this country.

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The only contempt I have is to a system where those with the lowest incomes have the biggest relative burden put on them by a tax system which is written by the wealthy so they pay the least amount possible.

PeteEU said:

There is a difference between being a millionaire and making 1 million a year.

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And yea had hoped for this... good that the constitutional court is there.. and not the first time it has done something like this.

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Yeah $750,000 if the socialist boy has it his way. I suppose one would have to make 1,750,000 to actually be considered a millionaire.

Mr.Nick said:

Yeah $750,000 if the socialist boy has it his way. I suppose one would have to make 1,750,000 to actually be considered a millionaire.

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.... go read up on basic tax law before coming with such an idiotic comment.

PeteEU said:

"Generally agreed by most people".. no.. it is agreed by those people who earn a large portion of their income this way. The argument is bull**** from start to end. All income is "taxed" several times in one way or another... why should income made by fiddling the markets be any different than income generated picking up garbage?

And if this theory of yours was actually true, then we would have been out of this recession and crisis long ago.. because capital gains income has never been higher... so people must have been investing a lot right... wrong.



The only contempt I have is to a system where those with the lowest incomes have the biggest relative burden put on them by a tax system which is written by the wealthy so they pay the least amount possible.

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Ok, so you want no incentive to invest in the markets...Why? As for your "lowest incomes" Bull, I have to throw a flag on that play...The bottom 47% of this country pay NO federal income tax. and many in the middle get refunds lowering their actual tax paid to the point where they are close to not paying anything either. You want me to cry a river for those who are able bodied, but chose to take a path of taking from my labor rather than getting off their ass and doing it themselves? NO.

The upper 10% of this country pays the lions share of the federal tax, and they are also responsible for a good chunk of business investment that provides jobs in this country. If some chucklehead like Buffet feels he should pay more, then let him put his check book where his mouth is. WRITE THE CHECK! Other than that he should sit down and shut the f*** up.

You want my feeling on this,

1. We need a fair tax system in this country
2. Those who can't work, should be either trained to do something from home in the order of paperwork, or something that earns their welfare payment.
3. Those that are able bodied, but gaming the system, need to get out there and put in time with federal works projects upgrading our infrastructure....Lots of electric needs to be buried. Let them get a shovel.

As for us that work our asses off, make a pay check, pay our bills, and our taxes, and are constantly squeezed by the policies of this cynical lying bunch of elites in DC that haven't a clue what things cost us out here, LEAVE ME ALONE!

PeteEU said:

Of course it is fair... problem is right wingers look at the individual and not at society as a whole.. and that is one of their main problems when it comes to economic theory.... too much focus on the individual (the me me me me me me attitude) and not enough on improving society as a whole.

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When looking at actions being taken on others the correct course of action is to look at the individuals affected and how those individuals are being treated. When done the first thing you will notice is this money is being forcedly taken with no real regard to the wishes of the parties in play and what they desire. It is apparent that if this is to be tolerated it must be done equally across the board if we are to consider even for a moment fairness.

Taxes are to fund the government, not equality and so there is no reason to even consider accepting the use of it for redistribution purposes. If the above purpose no longer applies as some believe than there is clearly no reason to maintain the practice.

PeteEU said:

Hey I understand where you are coming from and in principle I agree. The more money kept in peoples hands the better.. but I am also a pragmatic.. Society has agreed that certain thing we all join in to pay for.. that has to be funded and that is via taxes. The more funding need the more taxes are needed to be collected.. it is a fact of life.

But let me put it this way..

Person nr. 1 earns 50k a year and pays 50% in tax .. so has 25k to live off.
Person nr. 2 earns 1 million a year and pays 15% in tax and has 850k to live off..

Is that fair at all? Of course not. Not to mention that person nr. 1 is the huge massive majority of the population...

So that is why in the progressive tax system, you say.. person 1 will only pay 25% in taxes and person 2 will pay 40%. That means that person 1 has far more to live off and person 2 might have less to live off, but it still is much much more than person 1 and more than enough.



Dont you guys learn basic tax policy in school over there? You pay a higher percentage on the last dollar earned not on the whole income. That means you pay the same tax rates as everyone one else in the middle class for the first say 250k, but for all the money you earn over the 250k you pay a higher tax rate on that only. Hence the more you earn the higher the tax rate will be on the last part of the income, not all of it. That is how a progressive tax system works and it is by far the fairest and best way of doing things.



Maybe in right wing media and blogs, but in the real world it is not false. That your last presidential candidate refused to release his tax returns and those he did release showed a tax rate of only 13%... shows that Buffet was right.

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Where does that happen? Sure as hell doesn't happen in The United States.

Mr.Nick said:

That is exactly correct... (In the US) with these "progressive" tax rate ideas a person making 240k a year would take home more than the person making 300k...

That is dangerous, if you're a CFO of a small company then what is the purpose to ask for a raise? what is the purpose to aspire to make big money?? For a raise to even be worth it one would have to jump from 250k to 400 at least to have a significant take home. In what universe will a business do that - especially after how the government rapes their business.

Basically Marxists (in the United States as well) are closing the door on wealth and destroying the desire to become successful by creating an atmosphere where doing such would be moot. Why go to school for 10 years when you can just work at Burger King?

The progressive/socialist philosophy makes no Goddamn sense.

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Destroying ambition is the whole point.