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Thread: French court rejects 75 percent millionaires' tax

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    French court rejects 75 percent millionaires' tax

    (Reuters) - 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'selection campaign - was unfair in the way it would be applied to different households.
    Prime Minister Jean-Marc Ayrault said the government would redraft the upper tax rate proposal to answer the Council's concerns and resubmit it in a new budget law, meaning Saturday's decision could only amount to a temporary political blow.
    While the tax plan was largely symbolic and would only have affected a few thousand people, it has infuriated high earners in France, prompting some such as actor Gerard Depardieu to flee abroad. The message it sent also shocked entrepreneurs and foreign investors, who accuse Hollande of being anti-business.
    Finance Minister Pierre Moscovici said the rejection of the 75 percent tax and other minor measures could cut up to 500 million euros in forecast tax revenues but would not hurt efforts to slash the public deficit to below a European Union ceiling of 3 percent of economic output next year.
    "The rejected measures represent 300 to 500 million euros. Our deficit-cutting path will not be affected," Moscovici told BFM television. He too said the government would resubmit a proposal to raise taxes on high incomes in 2013 and 2014.
    The Council, made up of nine judges and three former presidents, is concerned the tax would hit a married couple where one partner earned above a million euros but it would not affect a couple where each earned just under a million euros.
    UMP member Gilles Carrez, chairman of the National Assembly's finance commission, told BFM television, however, that the Council's so-called wise men also felt the 75 percent tax was excessive and too much based on ideology.

    French court rejects 75 percent millionaires' tax | Reuters

    Sound familiar folks? It should....In fact the only difference I can see between the new French President and ours, is that at least the French President openly declares that he is a socialist....
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: French court rejects 75 percent millionaires' tax

    Quote Originally Posted by j-mac View Post
    Sound familiar folks? It should....In fact the only difference I can see between the new French President and ours, is that at least the French President openly declares that he is a socialist....
    The only thing I enjoyed about this when it happened is that they admitted it was a revenge tax instead of just going with the equality bull**** like we do here.

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    Re: French court rejects 75 percent millionaires' tax

    Quote Originally Posted by j-mac View Post
    Sound familiar folks? It should....In fact the only difference I can see between the new French President and ours, is that at least the French President openly declares that he is a socialist....
    That's the only difference that catches your eye? How about the 36% spread between the two proposed rates? How did that manage to slip by?

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    Re: French court rejects 75 percent millionaires' tax

    Quote Originally Posted by j-mac View Post
    Sound familiar folks? It should....In fact the only difference I can see between the new French President and ours, is that at least the French President openly declares that he is a socialist....
    Can we borrow those French judges? I may have to change my mind about our courts looking to foreign legal precedents for their decisions.

    So, the French have to be treated equally tax wise. A household with two wage earners that both earn a little less than a million would not pay the higher rate, but another household with one wage earner who earns just over a million would.

    Note the little jab from whoever wrote that story: "...the Council's so called wise men". I suspect that that so-called reporter hates, hates to see the rich get a break, all legal issues notwithstanding.
    Last edited by LowDown; 12-29-12 at 01:52 PM.

    "The urge to save humanity is almost always a false front for the urge to rule." --HL Mencken

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    Re: French court rejects 75 percent millionaires' tax

    Quote Originally Posted by a351 View Post
    That's the only difference that catches your eye? How about the 36% spread between the two proposed rates? How did that manage to slip by?
    How did France only having a few thousand millionaires slip past you?

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    Re: French court rejects 75 percent millionaires' tax

    Quote Originally Posted by Fisher View Post
    How did France only having a few thousand millionaires slip past you?
    Mainly because France currently has over 2 million individuals who qualify as millionares. https://infocus.credit-suisse.com/ap...h=true&lang=EN

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    Re: French court rejects 75 percent millionaires' tax

    Quote Originally Posted by a351 View Post
    Mainly because France currently has over 2 million individuals who qualify as millionares. https://infocus.credit-suisse.com/ap...h=true&lang=EN
    There is a difference between being a millionaire and making 1 million a year.

    EDIT:

    And yea had hoped for this... good that the constitutional court is there.. and not the first time it has done something like this.
    Last edited by PeteEU; 12-29-12 at 01:50 PM.
    PeteEU

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    Re: French court rejects 75 percent millionaires' tax

    Quote Originally Posted by PeteEU View Post
    There is a difference between being a millionaire and making 1 million a year.
    Right, hence the link to clear up any confusion.

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    Re: French court rejects 75 percent millionaires' tax

    I'm glad I come here. You'd never know about this from our lame stream media. Imagine the fear on our beloved socialist faces around if taxation is required to be fair and equal?

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    Re: French court rejects 75 percent millionaires' tax

    I guess the French government is beholden only to its wealthiest members, just like ours.
    Liberté. Égalité. Fraternité.

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