Good luck attracting top quality business talent to the capital, GARÇONS. The popularity of socialist measures in France has been leading to brain drain for quite some time, with entrepreneurs and businesses running to London, Quebec, Dubai and the traditional tax havens. Unfortunately, it's 2012, and this will inevitably backfire as people (who also happen to be the brightest, most innovative minds in the country) can't find investment loopholes and just... leave the country. http://www.bbc.co.uk/news/world-europe-19754016
In regards to investment income and capital gains loopholes - http://www.voxeu.org/sites/default/files/file/DP8675.pdf The irrelevance of this is of course US citizens being taxed based on citizenship, and EU members being taxed on residence where they can't charge any exit taxes on people moving (which is all present in the US). It's going to be very interesting to see where all the brain power goes.
My brother, who is a very liberal democrat that keeps close tabs on France, told me (Socialist president) François Hollande is incredibly naive and was elected at the worst possible time. Sounds like a disaster. I wish we could turn the clock ahead 2-3 years and take a peek.
I believe in paying my fair share of taxes if it improves society, but 75% tax rate on the rich is just ridiculous. Without a million deductions, the rich will get poorer.
The very wealthiest and most industrialized countries probably have economic incentives that can't be found elsewhere no matter the tax savings. And beyond a certain measure of wealth, sentimentality and perceived quality of life might be bigger variables in choice of residence.
This is why Romney would never become a French citizen. Obama's tax rates for the rich are so much lower.
I thought LMAO broke up and why would they care about France's taxes anyway? They're too busy party rocking and shuffling.
lol Tax kicks in for every dollar AFTER $1.3m. Going to affect roughly 1,500 to 2,500 people in France according to estimates. In France there are no state taxes. 75% is the marginal tax rate. The marginal tax rate has been as high as 80% in US history, though not recently. It's extremely high for sure. But the media is having a field day protecting their owners by horrifying people. Article:
NYTimes Wealth ... is a mentality. When the govt shows they don't care for it, you look to go somewhere it does. 25-35,000 people (not 1,500) in France currently have to deal with this tax, but the greater issue is the destruction of ambitious spirits. The wheels for this exodus were set into motion as soon as Hollande was elected. Comparing this to high taxes in the US before 1970, during the Vietnam war, is irrelevant. The abundance of earning power + global opportunities were a fraction of what it is at the height of the internet era. The aesthetic pillars of a healthy society (beauty, music and food) have already begun to crumble. Company executives, bankers, sports stars, celebrities and their agents will not stand for this. Top talents like Eva Green left a long time ago. I wonder if your job description at the DFSA is to spread misinformation as freely as you do.. as part of your plan to give it to the West.
Did Obama call Hollande to congratulate him on this new mega tax? ...Obama probably creamed his pants just thinking about the tax
lol You sound like "Must scare people by twisting facts, otherwise they will come from the money I didn't earn." Tough luck Ronny. Absolutely no one cares what an easy-rich person thinks is the reason he is easy-rich. Wealth is not a mentality. That's just your mythical belief, just like people who believe God gave them wealth, just like pople who think they were born to be rich. Like I've said to you before, you're an ideological extremist, and just like the rest of them, you think your myths are more true than everyone else's. You think your myths don't require any proof or evidence because it makes perfect sense in your own head. People like you are a dime a dozen, and they all think they're special.
If we really wanted to see who was exceptional and who wasn't, we'd abolish money altogether. Sacking away money is how the mediocre dress themselves in excellence. Boo ****ing hoo.
Of course the French still have a better to work their way up from being poor to being rich enough to have to pay this tax than anyone who is poor in the United States. Their social upward mobility in France is ranked higher than in the U.S. so it isn't really a big deal.
Does Obama dominate your thoughts? Taxes under Obama have been lower than your god Ronald Reagan. This tax doesn't seem like a good move, but it takes some balls to do something like this.
It's a top 75% marginal tax rate. Sweden and Denmark both have theirs set in the 50%-60% range, and in case nobody's noticed, they're about the only countries that are able to pay down deficits on a regular basis.
I welcome the most productive people in France to our country. What should really concern us it talk of global taxes that can't be avoided.
